Cryptocurrencies Price Prediction: Bitcoin, Litecoin & US Treasury Yields – American Wrap 01 August
US Treasury yield rises while Gold takes a hit after weak US data; Could Bitcoin price suffer too?
Bitcoin price has shared a positive correlation for a long time with one of the most important investment vehicles in the world - Gold. But over the past couple of weeks, this position changed, and with the economy growing weaker, the precious metal seems to be taking a hit, which is playing in favor of the cryptocurrency.
Litecoin is inching closer to the most anticipated event, its halving, scheduled to occur on August 2. The altcoin’s price sustained above the $90 psychological barrier, ahead of the mining reward being slashed in half.
Bitcoin (BTC) starts August losing ground, declining 2% Tuesday morning to add to July’s 4% retreat. The price dropped to as low as $28,800, its weakest level since mid-June, while altcoins took a larger hit with Solana’s SOL falling 5%, Optimism’s OP 8% and Stellar XLM 6%. The broad CoinDesk Market Index (CMI) is off 1.9%. In traditional markets, U.S. stock futures retreated slightly from 16-month highs as caution prevailed after a five-month winning streak. The pull back came after a number of companies reported disappointing second quarter earnings.
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FXStreet Team
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