Baku:Mixed dynamics have been observed among major assets in the cryptocurrency market over the past 24 hours.

According to Azeri-Press news agency, Bitcoin fell by 0.50% over the past 24 hours, reaching $85,578.17. Despite this decline, Bitcoin has increased by 3.02% over the past seven days and 6.97% over the past 30 days.

Ethereum saw a decrease of 0.46%, bringing its value to $2,701.20. BNB experienced a drop of 1.30% to $781.40, while Bitcoin Cash fell by 1.68% to $314.47. Solana also saw a slight decline of 0.24% to $120.13.

In contrast, some cryptocurrencies posted gains. Zcash rose by 0.95% to $1,343.16, Monero increased by 3.23% to $562.99, and Bittensor edged up by 0.14% to $301.81.

Gold-backed PAX Gold (PAXG) decreased by 0.25% to $4,137.53. The CoinMarketCap 20 Index also saw a decline of 0.63%, bringing it to 177.17 points over the past 24 hours.

Overall, the cryptocurrency market capitalization fell by 0.35%, settling at $2.91 trillion. Analysts attribute Bitcoin's pressure to a rise in US Treasury yields and a strengthening dollar. Despite weak US labor market data reducing the likelihood of an interest rate hike in October, long-term bond yields remain near their 24-year highs due to inflation and government debt concerns. This is limiting faster gains in risk assets like cryptocurrencies.