Ethereum, dropped around 4 per cent to stay just above the $1,600-level

Bitcoin and other crypto tokens were plunging in the early trading session Tuesday as the US 10-year yield soared to its highest level in over 16 years. The much-hyped and awaited ether futures exchange-traded funds (ETFs) failed to capture the interest of investors, indicated some reports, with low volumes reported on their first day of trading.

The world’s biggest crypto currency was back in the dropping trajectory as the biggest crypto token declined nearly 2 per cent but managed to hold $27,500-levels. Its biggest peer, Ethereum, dropped around 4 per cent to stay just above the $1,600-level. Action in the altcoins was hinting weakness.

Bitcoin momentarily broke above the extremely important resistance of $28,500, which is the 50-day Exponential Moving Average (50 EMA) as well, before bears took the grip and bitcoin dropped back to about $27,500. This volatility means that the market saw its highest volumes in over a month, said Shubham Hudda, Senior Manager, CoinSwitch Markets Desk.

Chainlink’s flagship event Smartcon started yesterday in Barcelona, Spain. With LINK reaching its 18-month range high, it dropped steadily with the popular ‘buy the rumour, sell the news’ narrative. Odysseys are a way of providing a separate set of tasks to users where people can get non-fungible tokens for exploring Arbitrum ecosystem projects, Hudda added.

All leading crypto tokens were down on Tuesday. Toncoin slipped nearly 5 per cent, while Shiba Inu dipped 4 per cent in the early trade. Polkadot and Litecoin shed 3 per cent, each, while Tron, Dogecoin, Shiba Inu and Solana lost over 2 per cent each.

The global crypto currency market cap was trading considerably lower, dropping to $1.09 trillion-mark, as it shed two per cent during the past 24 hours. Nevertheless, the total trading volumes rallied around 30 per cent to $43.71 billion.