In the last 24 hours, the total crypto market cap went down by around 10%. At the moment, the indicator stands at about $2.5 trillion.
Bitcoin went down by about 7%, hitting $60.500, and Ether declined by 8%, hitting $4.300. The picture is almost the same for Binance Coin (BNB), Solana (SOL), Cardano (ADA), and many others. As known, volatility is an inseparable part of the crypto market. The stock market also saw declines over the last day, with Tesla, Dow Jones Industrial Average, and others falling.
A major reason for this is the US Treasury yield reaching a ten-year high. It is the interest rate that the government pays for borrowing money. Stock prices become more volatile when the bond yields are high.
Meanwhile, China continues to watch that regulations are followed in the country. Recently, the Chinese Communist party expelled a politician for being engaged in crypto mining activities. The National Development and Reform Commission (NDRC) of the country urged provinces to supervise the sphere.