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Cryptocurrency prices retreated sharply on Tuesday, erasing some of the gains made on Monday as concerns about the bond market intensified.$BTC
Popular tech stocks were also affected. NVIDIA shares plunged by 5.4%, wiping out over $175 billion in market value. Tesla shares dropped by 3%, while Super Micro Computer declined by 1.5%.$ETH
The sell-off was likely driven by rising U.S. bond yields ahead of key economic reports, including the nonfarm payrolls data 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.$XRP
The decline aligned with a risk-off sentiment that extended across other financial markets, particularly in equities. The Nasdaq 100 index dropped by more than 1% to $19,635, while the S&P 500 fell by 0.50%. These indices, heavily dominated by technology companies, tend to be more sensitive to risk sentiment.