Why is Bitcoin falling?

The crypto market’s pullback after two days of recovery intensified yesterday afternoon with the release of a larger-than-expected increase in job openings in the US. This scenario pushed the yields on the 10-year US Treasury note to the highest level since May 2024. In addition to cryptocurrencies, the stock market also saw declines, reflecting a situation that makes risk assets less attractive to some investors.

“Markets took a hit yesterday, with Bitcoin and Ethereum posting sharp declines, mainly due to the stronger-than-expected US jobs data, which dampened hopes for more rate cuts this year,” Vince Yang, CEO of zkLink, told CoinDesk. “It’s the kind of broad-based shift in sentiment we’ve seen before, and not unusual for the crypto market.”

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