In the past 24 hours, the global crypto market cap has fallen by 6.41%, from $3.59 trillion to $3.36 trillion. Over $622 million in positions have been liquidated, causing significant losses for major cryptocurrencies such as Bitcoin, Ethereum, and other altcoins.
The main reasons for the fall:
1. Increasing US bond yields:
The yield on 10-year bonds rose to 4.7%, signaling tighter monetary policy that is reducing the appeal of risky assets.
2. Falling tech stocks:
Rising bond yields have impacted stocks of companies like Nvidia and Tesla, creating a chain reaction in the crypto market.
3. US labor market data:
Rising jobless numbers support inflationary risks, raising the likelihood of tighter action by the Federal Reserve.
Losses of major cryptocurrencies:
• Bitcoin (BTC): Lost 5.79%, falling to $96,120.
• Ethereum (ETH): Down 9%, to $3,343.
• Ripple (XRP): Lost 7.72%, to $2.27.
• Dogecoin (DOGE): Down 12.77%, to $0.3464.
Although the market is currently under pressure, analysts believe that the long-term bullish trend for Bitcoin remains. Institutional interest and wider adoption of cryptocurrencies could help fuel a recovery once macroeconomic conditions stabilize.