Here's why $BTC Bitcoin, $ETH Ethereum, $XRP Ripple, DOGE and other altcoins just plummeted.
The decline was in line with a risk-off sentiment that spread across other financial markets, particularly stocks. The Nasdaq 100 index fell more than 1% to $19,635, while the S&P 500 fell 0.50%. These indexes, heavily dominated by technology companies, tend to be more sensitive to risk sentiment,
Popular tech stocks were also hit. NVIDIA shares plunged 5.4%, wiping out more than $175 billion in market value. Tesla shares fell 3%, while Super Micro Computer fell 1.5%.
The selloff was likely driven by rising U.S. bond yields ahead of key economic reports, including nonfarm payrolls data and Federal Reserve minutes. The 10-year yield rose 1.7% to 4.70%, while the 30-year and 5-year yields rose to 4.61% and 4.50%, respectively.
