Bitcoin and Ethereum ended the Sept 21-Sept 25 week higher despite surrendering part of Sept 21’s sharp gains, as rising US Treasury yields and renewed interest-rate concerns tempered an early surge in risk appetite.
Bitcoin closed at US$84,071 on Sept 25, about 4% above its Sept 18 close of US$80,857. The cryptocurrency surged 6.68% on Sept 21 to US$86,617, reaching an eight-month high as falling oil prices, softer Treasury yields and strength in technology stocks boosted demand for risk assets.
Momentum faded thereafter as Bitcoin slipped 0.49% on Sept 22 and another 2.15% the following day to US$84,340 as bond yields climbed. It was virtually flat on Sept 24 before easing 0.34% on Sept 25. Expectations for further US Federal Reserve rate hikes weighed on cryptocurrencies during the latter half of the week.
Ethereum followed a similar pattern, finishing Sept 25 at about US$2,693, up roughly 3.1% from US$2,612 on Sept 18. Ether jumped 4.94% on Sept 21 to US$2,776 before declining over the next two sessions, including a 2.5% fall on Sept 23. It steadied on Sept 24 and edged higher the following day.
The week highlighted cryptocurrencies’ continued sensitivity to broader risk sentiment, with early support from improving liquidity conditions and regulatory optimism giving way to caution as US bond yields rose and investors reassessed the outlook for interest rates.
