Updated 29 minutes ago

Bitcoin has dropped below the $63,000 mark, influenced by escalating oil prices and increasing bond yields, which are putting pressure on risk assets.

Bitcoin declines as oil and yields increase (Pixabay)

Cronos Token Gains 5%, Its Best Performance This Month

The Cronos (CRO) token, part of the Cronos blockchain and Crypto.com ecosystem, experienced a nearly 5% rise to 5 cents since midnight UTC. This marks its strongest performance since July 16, when the token surged by 10%.

This recent recovery from all-time lows follows Crypto.com's announcement of launching tokenized equities, allowing users to invest in U.S. stocks directly through its app, with access to 1,500 stocks and funds starting at just $1.

Bitcoin Bulls Must Protect $62,800 Support Level

Currently, Bitcoin is trading close to $62,800, a critical support level situated at the lower edge of the Ichimoku cloud on technical charts. If it falls below this threshold, it could indicate a bearish trend as it would drop beneath the cloud.

The Ichimoku cloud, a technical analysis tool developed by Japanese journalist Goichi Hosoda in the 1960s, aids traders in identifying trends, support, resistance, and momentum through a shaded area on charts. Crossovers above and below the cloud are interpreted as signals for bullish and bearish reversals.

Gemini Stock Declines 5% Amid Weak Exchange Performance

Gemini (GEMI) shares fell by 5% during Friday's pre-market trading after the company reported second-quarter results that revealed ongoing challenges in its core exchange operations. While revenue grew by 37% to $45.5 million, primarily driven by services, exchange revenue plummeted by 38%, contributing to a net loss of $107.7 million.

Bitcoin Sinks Below $63,000 Amid Rising Oil and Treasury Yields

As Bitcoin fell below $63,000, it faced headwinds from climbing oil prices and bond yields. WTI crude oil surged past $82 per barrel, and the yield on the U.S. 10-year Treasury note rose to 4.660%.

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