Bitcoin remains around $26,000; Ethereum is approaching $1,600; and Polygon is down 3%

Bitcoin was again on a downward trend, falling around half a percent but still above $26,000, while Ethereum rose marginally but could not break beyond $1,600.

Bitcoin and other crypto assets were struggling on Wednesday as market sentiment was dampened by hints of rising rates for an extended period. The increase in US Treasury yields pushed the riskier asset class lower as well. Global macroeconomic factors will steer markets in the next months.

Bitcoin was again on a downward trend, with the largest crypto currency down roughly 0.5 percent but remaining over $26,000. However, its largest peer, Ethereum, rose marginally along similar lines but was unable to break through the $1,600 barrier. In the early hours, cryptocurrency prices remained on the decrease.

Bitcoin’s value has recently stabilised over the $26,100 mark. This could be due to the spike in the US 10-year Treasury yield, which has reached its highest level in approximately 16 years. The equities markets have reacted similarly to the large increase in interest rates.

Bitcoin’s value has increased by 0.58 percent this month, giving it a year-to-date gain of 58 percent. Meanwhile, Ethereum is trading in a range of $1,550 to $1,600. In other events, four members of the US House Financial Services Committee have encouraged the SEC to approve ETF applications as soon as possible.

With a few exceptions, all of the biggest cryptocurrency tokens were trading down on Wednesday. Polygon fell by nearly 3%, while Toncoin and Solana fell by more than 2% each. Polkadot, Litecoin, and Shiba Inu were all down 1%.

The worldwide cryptocurrency market cap was trading slightly lower, at $1.05 trillion, after decreasing approximately 0.5 percent in the previous 24 hours. However, total trade volumes fell by nearly 15% to $19.47 billion. Dogecoin and BNB were among the gainers, rising roughly 1% each.