Crypto Stocks Plunge as Rising Yields Sink Bitcoin Below $84K
Crypto-linked stocks fell in pre-market trading on Thursday as Bitcoin's price dropped below $84,000. The decline comes amid rising Treasury yields, which hit their highest level since July 2007. The 10-year Treasury yield closed at 5.11% before climbing to 5.139%, while the two-year yield reached its highest since 2023.
The selloff in crypto-linked stocks included Strategy (MSTR), down over 3% in pre-market trade, and Coinbase (COIN) and Circle (CRCL), both falling more than 2%. The overall cryptocurrency market dropped around 1.7%, slipping below the $3 trillion mark.
The price of Bitcoin fell more than 3% to around $83,200, reversing part of a recent rally that had pushed it above $87,000 earlier this week. Ripple's XRP led losses among major cryptocurrencies, falling over 8.5% in the last 24 hours.