The largest cryptocurrency by market capitalization was recently trading near $27,200, up 1.1% over the past 24 hours. Bitcoin topped $27,400 shortly before European equity markets opened. For nearly two weeks, BTC has stood range-bound between $26,500 and $27,500 as investors fret over ongoing crypto regulatory issues that have sapped liquidity from markets and macroeconomic uncertainties, including the recent U.S. debt ceiling stalemate.
Frost noted that the crypto market’s current capitalization of about $1.3 trillion has remained at a near standstill from a year ago. “There doesn’t yet seem to be a catalyst on the horizon that could move things in either direction,” Frost wrote. “The global macro picture remains uncertain, although more positive, with inflation falling in the US and potentially in the UK and EU in the coming months. Right now, though there’s not much shaking.
Yields on 2- and 10-year Treasurys both reached near their highest levels since March before ticking downward slightly.showed a willingness by the European Commission willing to moderate an earlier tough stance on crypto and make it easier for commercial lenders to hold stablecoins and tokenized assets.