Bitcoin Gains To US$ 20850, Dogecoin Up By 61.25% Intraday, Rebounds Sell-off

Cryptocurrencies are recovering slowly but steadily in the global markets this week. On October 29, Bitcoin gained to around US$ 20,850.70, up by 1.17%, rebounding the sell-off. However, in the past 1 month, it has gained by 6.41%, and dropped by 45.97% in the last 6 months. Yesterday, Bitcoin closed at US$ 20,609.80.

The present rally in the cryptocurrencies came "amid new hopes that the US Federal Reserve would be able to scale back its monetary hawkishness sometime early next year, and a few mildly encouraging economic indicators," a CoinDesk report mentioned. Significantly, Dogecoin is this week's top crypto in terms of upside. Elon Musk's favorite cryptocurrency Dogecoin blew up as news confirmed that the Tesla CEO has finally closed the deal to take over Twitter for $44 billion.

Following the same trend as Bitcoin, Ethereum was quoted at US$ 1,632.59, up by 4.88%. Yesterday, Ethereum closed at US$ 1,556.60. Litecoin was quoted at US$ 56.54, up by 2.95%, Dogecoin was quoted at US$ 0.1368 up by 61.25%, and Cardano was quoted at US$ 0.4256 up 5.26% today, till last traded.

The US 2-year Treasury bond yield was quoted at around 4.414%, and the US 10-year Treasury yield was quoted at around 4.01%. Additionally, the US Dollar index quoted at 110.67, up by 0.08% today. Meanwhile, in the US, S&P 500 was up by 2.46%, stood at 3,901.06 points, and Nasdaq Composite was up by 2.87%, stood at 11,102.45, till last traded.