Bitcoin historically has risen in October.
Dreamstime
Bitcoin
was rising Thursday amid a mixed market for cryptocurrencies. The crypto sector’s focus is on a global macroeconomic background of soaring bond yields, while attention also is being paid to any news from the trial of FTX founder Sam Bankman-Fried.
Bitcoin
has risen 0.4% over the last 24 hours to $27,641. The largest cryptocurrency looks to be settling back into a range between $26,000 and $28,000 after a surge earlier in the week.
Bitcoin largely has defied the selloff in stocks and other risk assets this week as global bond yields hit multiyear highs. Bullish traders are hoping October can live up to its historic record as a good month for the cryptocurrency,
“We consider that the end of the US Federal Reserve’s current tightening cycle is around the corner, which is at least limiting crypto’s downside from current levels,” wrote Manuel Villegas, an analyst at Julius Baer.
Beyond Bitcoin, other cryptocurrencies were falling.
Ether
—the second-largest crypto—was down 0.5% to $1,639. Smaller cryptos, or altcoins, also in the red, with
Cardano
falling 0.1% and
Solana
dropping 2.6%. Memecoins exhibited more of the same, with
Dogecoin
down 0.5%.
Write to Adam Clark at [email protected]
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