Bitcoin has inched close to $80k and cryptocurrencies are trading firmly in the green amidst a mixed global market scenario.
Sentiment in global markets remains dampened by the deteriorating macroeconomic as well as geopolitical scenario. The looming U.S. sanctions against Iran, the potential spike in crude oil prices as well as the likely impact on inflation weighed heavily on market sentiment.
The euphoria in crypto markets triggered by the liquidity boost announced by the U.S. Treasury continues unabated early on Friday.
Unresolved tensions between the U.S. and Iran kept sentiment in global markets cautious and crude oil prices volatile. Markets continued to speculate on the impact of the recent doubling of bond buyback by the U.S. Treasury. Concerns about inflation, the fiscal deficit as well as corporate bond issuances lingered.
Aggregate market capitalization of cryptocurrencies declined around a percent in the past 24 hours as markets reacted to the whipsawing crude oil prices and the hardening in bond yields.
Bitcoin, once dismissed as something reserved for geeks and the cryptography enthusiasts, is back in the limelight, as the price of the cryptocurrency appreciated in recent weeks.