Bitcoin is showing signs of recovery, trading at around $27,800 after hitting lows of under $25,900 last week. However, the cryptocurrency is still down by around 5% for the month, which could be its first monthly loss since December. Bond traders have reinstated bets that the Federal Reserve will keep interest rates elevated for longer, which has given a boost to the US dollar and may be contributing to Bitcoin's decline. The stablecoin market capitalization has also shrunk to a 20-month low of $130 billion, indicating that capital is leaving the crypto market.
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