Crypto Stocks Slide as Interest Rates Climb

The crypto market is experiencing a downturn as Bitcoin and Ethereum remain relatively stable. The stocks of Circle Internet, Bitmine Immersion Technologies, and Coinbase Global are sliding in response to rising interest rates.

The 10-year Treasury yield has reached 4.79%, its highest level since July 31, pushing the value of high-beta stocks lower. Circle Internet Group's stock is down 4% to $91.80, Bitmine Immersion Technologies' shares are falling 4% to $24.38, and Coinbase Global's stock is sliding 3% to $182.20.

However, the iShares Bitcoin Trust ETF (IBIT) and Invesco QQQ Trust (QQQ) have declined by only 1%, indicating that the move is driven by high-beta positioning rather than a broader market fear event.