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Written by   18
7 months ago

Cryptos succumb to bond yield rally and bitcoin falls by 9%.

It is not only European stock markets that are correcting this Friday after Wall Street's plunge yesterday. The rebound in yields in the debt market, with the US ten-year bond above 3% and the German bond close to 1.1%, has caused investors to reduce their appetite for risk assets and cryptocurrencies are taking the biggest hit, as the capitalization of all of them falls by nearly 9%, to 1.66 trillion dollars. Thus, bitcoin is down more than 9% and trades above $35,950.

Bitcoin, the world's most traded cryptocurrency, falls 9.02% this Friday and trades at $35,935.5, its lowest level since Russia's war in Ukraine broke out. In fact, today's punishment causes it to close the week in negative territory, since it is down around 7.5% and already only capitalizes 686,000 million dollars.

Late yesterday, bitcoin fell as low as $35,500, hitting a ten-week low when the war began, as the 'red numbers' intensified on Wall Street after many investors in the United States went into panic mode.

Late yesterday, bitcoin fell as low as $35,500, reaching a ten-week low when the war began, as the 'red numbers' intensified on Wall Street, after many investors in the United States went into panic mode.

Wall Street's plunge yesterday was mainly due to the technology market, where the Nasdaq fell 5.05%, while the Dow Jones and the S&P 500 dropped 3.10% and 3.56% respectively.

For its part, ethereum, the second most traded cryptocurrency, is also down nearly 8% this Friday and stands above $2,700. In fact, if we look at the 'top ten' of digital currencies, none is trading in positive and we would have to go much lower, down to the 88th by market capitalization, such as Anchor Protocol, to find advances, since this Friday it is up over 7%.

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Avatar for pandoru1997
Written by   18
7 months ago
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