Here's what caused the recent crash in Bitcoin, $ETH Ethereum, $XRP Ripple, DOGE, and other altcoins:
The downturn in cryptocurrency prices mirrored a broader risk-off sentiment sweeping through traditional financial markets, particularly equities. The Nasdaq 100 index took a significant hit, falling over 1% to $19,635, while the S&P 500 saw a more moderate decline of 0.50%. Given that these indices are heavily influenced by tech stocks, their performance often correlates closely with overall investor risk appetite.
Well-known tech stocks weren't immune to the sell-off either. NVIDIA saw a sharp decline of 5.4%, erasing more than $175 billion in market value. Other major names like Tesla and Super Micro Computer also experienced losses, with their shares 3% and 1.5%, respectively.
The primary driver behind the market's retreat appeared to be the rising U.S. bond yields, which came ahead of significant economic data, including nonfarm payroll reports and the Federal Reserve's upcoming minutes. The 10-year Treasury yield surged by 1.7%, reaching 4.70%, while the 30-year and 5-year yields climbed to 4.61% and 4.50%, respectively, further dampening market senti
ment.
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