Cryptos Plummet as Treasury Yield Hits 19-Year High
The cryptocurrency market experienced significant price fluctuations on Thursday, with Bitcoin (BTC) falling below $84,000 and Ripple (XRP) undergoing a correction after recent gains.
The US 10-year Treasury yield reached its highest level since 2007, hitting 5.13% intraday. This selloff was partly attributed to stronger US business data and rising oil prices by the CME.
XRP declined over 4% the previous day but remains within a broader uptrend, with factors such as whale accumulation, strong institutional demand, and rising network activity potentially contributing to further gains.
The major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), are trading in the red on Thursday after losses of 2% to 4% the previous day. The technical outlook for these assets suggests near-term downside risk.