Bitcoin is down by more than 1% in the last 24 hours and is now trading at around $26,600 per coin.
The poor performance comes as the US 10-year Treasury rate surged to a 16-year high.
Bitcoin Drops Below $27k Again
Bitcoin, the world’s leading cryptocurrency by market cap, has dropped below the $27k level once again. BTC has lost 1.6% of its value over the last 24 hours and is currently trading around the $26,600 region.
The poor performance comes as the US Dollar continues to gain strength in the international market. The 10-year Treasury yield surged to a 16-year high, while stocks also experienced a sell-off.
The markets experienced a decline in performance as investors digested the repercussions of Federal Reserve Chair Jerome Powell’s hawkish remarks about ensuring financial conditions remain tight and interest rates stay high for longer.
With Bitcoin underperforming, the broader crypto market also recorded losses. The total cryptocurrency market cap now stands at $1.05 trillion, down by 1.5% in the last 24 hours.
Despite the market underperforming, LUNC, the native coin of the Terra Classic ecosystem, added nearly 10% to its value. At press time, the price of LUNC stands at $0.00006316.
Alchemy Pay’s ACH is also up by nearly 10% in the last 24 hours after Alchemy Pay announced that it had obtained a Money Transmitting License in the state of Arkansas, United States.