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Bitcoin Stocks tumbled on Tuesday as U.S. Treasury yields soared and risk assets generally came under pressure.
The price of the flagship cryptocurrency recently fell 4.8% to $97,183.80, according to Coin Metrics. the broader cryptocurrency market to Coin table 20 The index fell more than 5%.
crypto stocks Coin Library and micro strategy fell by more than 7% and 9% respectively. bitcoin miner Mara Holdings and core science Each fell about 5%.
Bitcoin falls below $98,000
The moves followed a sudden increase in prices. 10-Year U.S. Treasury Bond Yield According to data released by the Institute for Supply Management reflects faster-than-expected growth A recovery in the U.S. services sector in December heightened concerns about rising inflation. Rising yields tend to put pressure on growth risk assets.
Bitcoin traded above $102,000 on Monday and is widely expected to roughly double that level this year. Investors hope clearer regulation will support digital asset prices, benefiting stocks like Coinbase and Coinbase. Robin Hood.
However, uncertainty over the path of the Fed’s interest rate cuts could pose a hurdle for cryptocurrency prices. In December last year, the central bank said that although it was cutting interest rates for the third time, the rate cuts in 2025 may be smaller than investors expected. Historically, interest rate cuts have had a positive impact on Bitcoin prices, while rate increases have had a negative impact.
Bitcoin has gained more than 3% since the beginning of the year. The company’s stock price rose 120% in 2024.
