Crypto Market Slumps on Bond Yields and Fed Outlook

The crypto market took a hit today, with Bitcoin falling 3% to $83,119.59 and Ethereum down 3.3% to $2,644.05.

According to CoinGecko data, the global crypto market cap dropped 1.7% in a day to $2.97 trillion, while daily trading volume reached $118 billion.

The slump was attributed to surging US bond yields, with the 10-year Treasury yield jumping 15 basis points today, its biggest single-day gain in 17 months, and a hawkish Fed outlook.

Whale selling also played a role, with large traders such as Garrett Jin pulling significant amounts of USDC from Hyperliquid to Binance.

A recent hack on the Payy's Rollup drained around $1.83 million in USDC, further contributing to market volatility.