Source: CNBC
“Bitcoin slumped on Tuesday as a spike in Treasury yields weighed on risk assets broadly. The price of the flagship cryptocurrency was last lower by 5% at $96,529.13, according to Coin Metrics. Ether slid 8% and the broader market of cryptocurrencies, as measured by the CoinDesk 20 index, dropped nearly 7%. … The moves followed a sudden increase in the 10-year U.S. Treasury yield
after data released by the Institute for Supply Management reflected faster-than-expected growth in the U.S. services sector in December, adding to concerns about stickier inflation. Rising yields tend to pressure growth oriented risk assets.” (01/07/25)