Live updates: Bitcoin rebounds above $84,000 as ETFs draw in $30 million

The global rate hiking cycle continued on Tuesday as the Reserve Bank of Australia raised its cash rate by 25 basis points to 4.60%. Its fourth hike this year took the rate to its highest level since 2011. The RBA joins the Federal Reserve, Bank of Japan and European Central Bank in raising rates, while bond yields continue to climb globally.

Bitcoin rose 1% to just above $84,200 on Tuesday, finding buyers on dips to about $82,500 as the 10-year Treasury yield held near 5.25% after Monday's climb to its highest level since 2007, CoinDesk data show.

Ether led the majors, up 2% to nearly $2,720. DOGE added 3% and XRP 2%, while BNB, SOL and TRX each gained under 1%. HYPE slipped 1%. ZEC was the outlier, down 9% to about $1,423.

U.S. spot bitcoin ETFs took in about $31 million on Monday and ether funds about $17 million, according to SoSoValue, with SOL and XRP funds adding a combined $17 million. The lone U.S. ZEC fund posted the only net outflow, losing about $8 million.

"At the $2.87T level, cryptocurrencies are cautiously forming a rebound from last week's lows near $2.83T. However, as long as the market remains below $2.90T, it is technically in a short-term downtrend. The strengthening US dollar and uncertainty in the equity markets are adding to the unease," Alex Kuptsikevich, chief market analyst at FxPro, said in an email to CoinDesk.

"The short-term working scenario is that BTC has found support on a pullback to previous highs, having cooled off sufficiently following the growth momentum. A sustained bullish sentiment paves the way for new multi-month highs above $87K," he added.

Source: CoinDesk