Here’s why Bitcoin ($BTC), Ethereum ($ETH), Ripple ($XRP), DOGE, and other altcoins recently crashed:

The crypto market's decline aligned with a risk-off sentiment that spread across broader financial markets, particularly in equities. The Nasdaq 100 index dropped over 1% to $19,635, while the S&P 500 fell by 0.50%. These indices, dominated by tech stocks, are highly sensitive to risk shifts.

Tech giants took a hit too. NVIDIA shares plunged 5.4%, wiping out $175 billion in market value. Tesla dropped 3%, and Super Micro Computer slid 1.5%.

The sell-off was likely triggered by rising U.S. bond yields ahead of critical economic data, including nonfarm payrolls and Federal Reserve minutes. The 10-year bond yield rose by 1.7% to 4.70%, while the 30-year and 5-year yields climbed to 4.61% and 4.50%, respectively.

The spike in yields spooked investors, prompting a shift from risk assets like crypto and tech stocks to safer investments.

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