Crypto Market Plunges $300B as Yields Rise and Geopolitics Unravel
The crypto market has taken a significant hit in recent days, with over $100 billion wiped out in just under three days. The selloff occurred around September 24 and saw approximately $150 billion erased in a single 24-hour window.
Over the ten-day stretch between September 18 and 28, the damage climbed to an estimated $300 billion. Bitcoin fell to around $84,000, while Ethereum slid into the $2,670 to $2,687 range. Altcoins fared even worse on a percentage basis.
The 10-year US Treasury yield pushed above 5%, making risk assets squirm. Geopolitical unease added fuel to the fire, with Iranian President Masoud Pezeshkian's speech at the United Nations followed by a US delegation walkout rattling markets already sitting on edge.
Oil prices surged in parallel, reinforcing a broader risk-off mood that spread across asset classes. The high open interest in perpetual futures markets heading into the crash indicated that traders were broadly positioned for continued upside, which quickly unwound once prices began to fall.