Bitcoin Drops To $27,500 As Treasury Yields Spike

TL;DR

• Bitcoin has lost more than 1% of its value in the last 24 hours and is now trading around the the $27,500 region.

• ETH is also down by more than 3% as investors show low interest in ETH Futures

Bitcoin Dips Below $28k

Bitcoin, the world’s largest cryptocurrency by market cap, has lost more than 1% of its value over the past 24 hours. The cryptocurrency market is underperforming following a great start to the week.

At press time, the price of Bitcoin stands at $27,549 and could drop further if the bearish trend continues. The poor performance comes as the U.S. 10-year yield spiked to its highest level in more than 16 years. The rising yields resulted in a stronger US Dollar, which negatively affected Bitcoin and the broader traditional financial markets.

Ether, the second-largest cryptocurrency by market cap, has also been underperforming so far today. ETH has lost more than 3% of its value and is now trading below the $1,700 mark again. At press time, the price of Ether stands at $1,664.

Ether’s poor performance comes due to the failure of the much-hyped ether futures exchange-traded funds (ETFs) to capture the interest of investors, with low volumes reported on their first day of trading.

The total cryptocurrency market cap has now dropped below $1.1 trillion after losing nearly 2% of its value in the last 24 hours.

Bitcoin Cash has continued its rally, and it is up by 16% over the last seven days. At the moment, Bitcoin Cash is trading at $247 per coin.