CandleFocus

Here’s why Bitcoin, Ethereum, XRP, and other altcoins just crashed

Cryptocurrency prices, including Bitcoin, Ethereum, Ripple, and Solana, dropped significantly due to concerns about the bond market. This decline mirrored a risk-off sentiment across other financial markets, with technology stocks and indices like the Nasdaq 100 and S&P 500 also falling. The sell-off was driven by rising U.S. bond yields, signaling expectations of a more hawkish stance from the Federal Reserve. Additionally, a labor report showing increased job vacancies raised the possibility of a stronger jobs report, which could further support the Fed's hawkish approach. Some analysts believe that the rising bond yields could lead to a crash in cryptocurrencies and a rotation to traditional money market funds.

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