Bitcoin, Ethereum, XRP, Dogecoin Slide as Treasury Yields Push Higher: Analyst Flags BTC 'Buying Opportun

Leading cryptocurrencies declined further on Monday as investors reacted to rising bond yields and growing expectations of interest rate hikes.

Crypto Market Drops Further

Bitcoin pushed for a breakout above $84,000 but met strong resistance and fell back toward the $82,000 area.

Similarly, Ethereum hit an intraday high of $2,717.37 but failed to break through. XRP and Dogecoin recorded sharp dips.

Cryptocurrency-related stocks also slipped, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing down 0.93% and 2.61%, respectively. 

Over $530 million was liquidated from the cryptocurrency market in the last 24 hours, predominantly in bullish long positions, according to Coinglass data.

Bitcoin’s open interest fell 2.21% over the last 24 hours. However, smart money sentiment — the collective outlook and capital allocation of institutional investors — remained “bullish.”

Top Gainers (24 Hours) 

The global cryptocurrency market capitalization stood at $2.96 trillion, broadly unchanged over the last 24 hours.

Stock Market Plunges

Stocks kicked off the week in the red. The Dow Jones Industrial Average shed 347.11 points, or 0.67%, to end at 51,481.51. The S&P 500 fell 0.77% to end at 7,683.69, while the tech-heavy Nasdaq Composite closed down 0.92% at 26,820.38.