Market Shifts as Bitcoin and Ethereum Take a Hit

In a significant market movement, Bitcoin experienced a sharp decline, dropping over 5% in value. This downturn was closely followed by Ethereum, which saw a 7.10% decrease. The trigger? A surge in Treasury yields following the release of upbeat PMI data.

Behind the Numbers: Treasury Yields and Cryptocurrency

The 10-year Treasury yield reached its highest point in nearly two years, a response to the ISM's report indicating a rise in the Services PMI to 54.1%. This economic indicator has a direct impact on the cryptocurrency market, as investors often shift their portfolios in response to changes in traditional financial instruments.

At 1:53 pm ET, Bitcoin was trading at $96,849.408, a significant drop from its previous position above the $100,000 mark. Ethereum wasn't spared, with its value tumbling to $3,427.059 at the same time.