"Unexpected higher U.S. treasury yields, a stronger dollar, and geopolitical risks in the Middle East weighed down on crypto markets," Jun-young Heo, a Derivatives Trader at Singapore-based Presto, said in an interview on Telegram with CoinDesk.Yeo said that risk-off sentiment was also reflected in the derivatives market, with funding rates in some exchanges turning negative and three-month basis yields"plunging" to 10%.
"It seems investors have been unable to break all-time highs but remain unwilling to completely turn bearish either," Justin d'Anethan, head of business development at Keyrock, a crypto market maker in Hong Kong, said in a note to CoinDesk."It is a difficult environment to navigate with a series of positive crypto-centric catalysts," he continued.
d'Anethan also noted that sideways price action and settling into a range could, in crypto, set the stage for more explosive moves, with leveraged traders taking a view and then suffering from violent liquidation events when the scene clears up, bringing a decisive move in markets. "It might need some time or other catalyst rather than known events to turn this sentiment back to bullish," added Heo.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.
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