Bitcoin, Ethereum Prices Slip as Treasury Yields Push Higher

Cryptocurrency prices have taken a hit due to rising bond yields and expectations of interest rate hikes. Bitcoin, Ethereum, XRP, and Dogecoin all declined in value as investors reacted to the changing market conditions.

Bitcoin was unable to break through the $84,000 barrier, instead falling back towards the $82,000 area. Ethereum also struggled to gain traction, hitting an intraday high of $2,717.37 but failing to break through.

XRP and Dogecoin recorded sharp dips in value, with cryptocurrency-related stocks also slipping. Strategy Inc. (MSTR) closed down 0.93% and Bitmine Immersion Technologies Inc. (BMNR) fell by 2.61%.

The global cryptocurrency market capitalization stood at $2.96 trillion, but the decline in prices has led to significant liquidations. Over $530 million was lost from the market in the last 24 hours, with a large portion of that coming from long positions.