Prices of Bitcoin and Other Cryptocurrencies Could Rebound If U.S. Treasury Yield Surge Ends

The price of cryptocurrencies in the market was still largely in the red on Wednesday, January 19, 2022. The price of Bitcoin, which had been at the level of US $ 42,000, again fell to US $ 41,000.

Referring to market data at 11:45 a.m., the price of Bitcoin was at $41,717.28, down 0.90% from the previous 24-hour position.

At the same time, the price of Ethereum fell more than 2.36% to $3,104.67. Cardano's price also fell 8.38% to $1.44.

While the price of meme-based cryptocurrencies, Dogecoin and Shiba Inu slid 1.84% to US$ 0.165826 and 3.46% to US$ 0.000028, respectively.

"Bitcoin appears poised to continue trading as a risky asset and remains vulnerable to increased concerns over the Fed's aggressive tightening," OANDA Senior Market Analyst Edward Moya said.

According to him, the surge in U.S. treasury bond yields could continue this week. And, it could test the price of Bitcoin and alternative cryptocurrencies (altcoins).

But Moya is optimistic that the price of Bitcoin and altcoins will rebound. "When the surge in U.S. Treasury yields ends, it could be a clear signal for many traders to return to cryptocurrencies," he said.