Bitcoin, Altcoins Drop as Yields Tighten Financial Conditions

• US Treasury bond yields traded near multi-decade levels never seen since 2004.
• Surging Treasury bond yields caused investors to move capital away from risk assets.
• Bitcoin’s long-term correlation with Treasury yields remains inconsistent.

Bitcoin and other risk assets crashed during Thursday’s early trading session, as investors reacted to developments in the macro sector. BTC fell nearly 2%, continuing its pullback from the recent high of above $87,300. Meanwhile, Dogecoin took a bigger hit, declining over 3.8%, according to TradingView data.

Other top digital assets, including Ethereum, XRP, and Solana, saw their prices decline, with each crypto losing between 2.9% and 5% within 24 hours. The overall crypto market decline reflected the prevailing sentiment among investors amid a changing macroeconomic environment.

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