Meanwhile, adding to the pressure are Treasury notes, which underpin global finance. On Thursday, a $25 billion auction of the U.S. 30-year note drew yields as high as 5.22%, according to the Treasury Department, a level some dealers called the highest since 2001. Rising long-term yields make capital costlier and raise the opportunity cost of holding non-yielding assets like bitcoin, a dynamic that compounds an already shaky backdrop.
Taken together, stalled legislation, weak ETF demand and climbing yields suggest little room for an outright rally in cryptocurrencies, leaving majors such as XRP fragile.
The payments-focused cryptocurrency has somehow managed to hold on to the $1 support, which, if breached, could prompt holders to sell their coins. A large number of traders likely accumulated coins below this level in late 2024, anticipating a
That combination helps explain why XRP’s grip on $1 and bitcoin’s hold on its multi-week range both look increasingly fragile heading into the next session.
Observers continue to watch the broader market picture, anticipating a strong rally in the final months of the year.
“Fundamentals and price action are aligning: in July, the total crypto market outperformed the S&P 500 and Nasdaq‑100 by 7.5 percentage points and 14.2 percentage points, respectively,” Matt Mena, Senior crypto research strategist at 21shares, said in an email.
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