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Why is the crypto market down today?

Published 08/17/2023, 11:34 AM
Updated 08/17/2023, 01:20 PM
© Reuters.
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Price trends across the cryptocurrency market remained in a downtrend today with rising U.S. bond yields likely the culprit.

On Aug. 17, the crypto market's capitalization sank 1.3% to $1.097 trillion, its lowest level in two months. Meanwhile, Bitcoin (BTC), which comprises 50% of the total crypto market, fell 1.4% and now risks dropping below $28,000, while Ether (ETH) lost 1.6%.

Crypto market cap vs. BTC/USD and ETH/USD daily performance chart. Source: TradingView
U.S. 10-year Treasury note yield vs. BTC/USD daily performance chart. Source: TradingView
Fed funds futures rate. Source: Refinitiv
Crypto market capitalization daily performance chart. Source: TradingView

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