Bitcoin holds near $83,000 as DeFi tokens reverse; CoinDesk sees no clear catalyst
In brief
- Bitcoin traded at $83,164 on Sept. 30, down 0.57% since midnight UTC, per CoinDesk.
- No obvious catalyst was behind the morning's drift, CoinDesk said.
- CoinDesk DeFi index fell 2.3%, and Aave gave back 4.4%.
- 30-year Treasury yield crossed 5.6% Tuesday, highest since June 2002, per CNBC as cited by CoinDesk.
- U.S. PCE inflation data and Micron earnings were due later Wednesday.
Bitcoin drifts inside its range
Over 24 hours, bitcoin lost around 1%, according to CoinDesk's market data, falling from a peak of $84,400 during Tuesday's U.S. session. It's been in a consolidation pattern since a failed breakout attempt at $87,300 on Sept. 21.
So what moved it?
CoinDesk's answer was short:
No obvious catalyst is behind the morning's drift.
The rest of the crypto market didn't pick a side either. Of the CoinDesk 100's constituents, 50 were higher and 50 lower in the European morning, an even split.
DeFi gives back Tuesday's gains
DeFi was the weak spot. The CoinDesk DeFi index (DFX) fell 2.3%, the worst performance in the index family. Aave retreated 4.4% after leading Tuesday's gains with an 11% jump.
Yields at multi-decade highs
Traditional markets were firmer. S&P 500 futures were up 0.27% and the Stoxx 600 up 0.74% in morning trade, per CoinDesk.
The bigger numbers are in bonds. The 30-year Treasury yield crossed 5.6% on Tuesday, its highest since June 2002, while the 10-year reached a fresh 2007 high near 5.3%, according to CNBC as cited by CoinDesk. Oil went the other way. Brent crude traded at $96.43 after falling on Tuesday, below the $100 level that accompanied Monday's crypto selloff.
The calendar's busy from here. CoinDesk said attention was turning to the U.S. personal consumption expenditures (PCE) price index (the Fed's preferred inflation gauge), which was due before the Wall Street open. Micron earnings were due after the close.
Neither had landed as of the European morning, and bitcoin hadn't left its range.
