Cryptocurrencies Extend Slide as U.S. Dollar Stays Steady — Market Talk

Major cryptocurrencies are lower with pressure from a strong U.S. dollar and higher oil prices translating to pressure on riskier assets like bitcoin and other cryptocurrencies. "Rising yields and oil explain the timing of the selloff, while profit-taking near the top of the range explains most of its size," says Colin Basco of Coinbase Institutional. Basco explains that the macro pressure may keep weighing on bitcoin in the short-term. "A move in the 10-year toward 5.5% would probably extend the consolidation period, [but] I still view retracements toward the 200-day moving average near $72K as accumulation opportunities," says Basco. Bitcoin falls 2.7% to $81,151, ethereum is down 4.9% to $2,448, and XRP slides 5% to $1.35. ([email protected])