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Dogecoin drops more than 5% while bitcoin holds above $78,000
Bitcoin stayed just above $78,000, as Dogecoin led losses and higher oil prices lifted Treasury yields toward late-2023 levels ahead of Friday’s inflation report.
Bitcoin traded just above $78,000 on Thursday, down about 1% over 24 hours, while most major cryptocurrencies posted larger declines, according to CoinDesk data. Dogecoin led the day’s weakness, falling more than 5%, followed by BNB down about 4% and XRP down about 3%.
Other majors also fell, with ether shedding between 1% and 3% to trade just under $2,475 and Solana slipping to around $102. Tron was the only gainer, rising less than 1% to about 34 cents, while hyperliquid’s HYPE fell in the 1% to 3% range.
CoinDesk also noted a technical development in bitcoin’s trend, with the asset’s 50-day average price crossing above its 200-day average, a signal analysts said has resembled a setup that preceded a 90% rally in 2019. Analysts added that the latest pattern appears closer to what was seen after a prolonged bull market rather than during a correction.
Macro factors weighed on risk assets alongside crypto, as oil neared $102 a barrel on escalating tensions with Iran. That move pushed Treasury yields higher, with the 10-year yield holding near 4.85%, after investor reaction to the U.S. government’s plan to buy up to $6 billion of longer-dated debt, ahead of Friday’s inflation report.
Latest closeBitcoin $83,631.66 ▲0.0%|Solana $118.28 ▼0.7%|XRP $1.488 ▼0.1%