Crypto Market Crumbles as Rising Bond Yields Weigh on Risk Appetite

The cryptocurrency market is experiencing a downturn on September 24, with its capitalization standing at around $2.83 trillion, down about 3.15% over 24 hours.

Bitcoin's price has slipped below $84,000, while Ether, XRP, and Solana have given back gains from this week's rally.

The decline follows rising US bond yields, which weigh on risk appetite, as well as renewed inflation concerns.

Traders are unwinding leveraged positions, adding pressure across major tokens, with around $454 million in long positions liquidated over 24 hours, according to CoinGlass data.