According to a report from Reuters on December 26, 2024, the cryptocurrency market experienced significant volatility as Bitcoin's price dropped by more than 3%. As a result, stocks related to cryptocurrency have been negatively affected. Among them, Coinbase Global's stocks fell by 1.4%, while Riot Platforms and Mara Holdings each lost more than 2.4%.
This decline occurs against the backdrop of major Wall Street indices also falling under the pressure of rising government bond yields. Yields on 10-year bonds have hit their highest level since early May, negatively impacting stocks across many sectors, especially interest-sensitive stocks.
The decline of Bitcoin has spread to the entire coin market, decreasing the value of many other altcoins. Meanwhile, many investors are looking forward to the 'Santa Claus rally', a phenomenon that often occurs at the end of the year when the market grows due to tax-loss harvesting and year-end bonuses being invested.
However, uncertainty regarding valuations and continued excessive investment in large tech companies has caused many investors to worry about the sustainability of the market's upward momentum.
In addition, a report from the U.S. Department of Labor showed that the number of new unemployment claims last week fell to 219,000, outperforming economists' predictions in a Reuters survey.
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Source: Reuters.
