Ethereum Slumps on Rising US Treasury Yields and Strong Economic Data

Ethereum's price dropped by 0.40% to $2,677.62 on Friday, following a broader market sell-off driven by rising U.S. Treasury yields and strong economic data.

The increase in treasury yields, particularly the 10-year yield hitting 5.11%, made holding non-yielding assets like crypto less attractive, leading to a risk-off shift in the market.

This move was not specific to Ethereum but part of a macro-driven correction, showcasing its high correlation with traditional financial markets.