What’s Driving the Correction of BTC for more than 6% in the Past 24 Hours and follow by ALT?
In the past 24 hours 212 396 traders were liquidated, the total liquidation comes at $648.70m.
Cryptocurrencies are under pressure due to macroeconomic factors:
1. Rising Bond Yields:
10-year Treasury yield climbed to 4.70%.
For context, higher bond yields make traditional investments more attractive, drawing capital away from riskier assets like cryptocurrencies. This shift also lead to further sell-off across other assets classes, including equities. The Nasdaq 100 dropped more than 1 percent and popular tech stocks including NVIDIA and Tesla suffered losses. For instance, Tesla stocks fell by 4.68% to $391.81 per share wiping off $19.24 of the share value.
2. Labor Market Data:
A surge in job vacancies has heightened expectations of a more hawkish Federal Reserve, keeping inflationary concerns alive.
3. Macro Uncertainty and Broader Economic Concerns
Uncertainty in the U.S. economy has heightened market volatility. Fiscal policies under President Donald Trump and the looming debt ceiling have created investor unease. Rising fiscal deficits and unclear Treasury strategies add to the concerns, further impacting market confidence.
