The cryptocurrency market saw a $200 billion drop in the past 24 hours as prices of major digital assets including bitcoin, ether and BNB plunged between 3% and 5.6%. .
Among major digital assets, close to $2.5 seen earlier this year.
The recent decline in the crypto market, which saw 24-hour liquidations exceed $690 million according to CoinGlass, appears to be the result of several factors, including a decline in traditional markets, with the S&P 500 losing around 1.1%. of its value during yesterday’s session. , while the NASDAQ fell more than 1.8%.
Meanwhile, Treasury yields have risen significantly, with the 10-year U.S. Treasury interest rate jumping about 5 basis points to now stand at 4.683%. The decline comes as U.S. job openings rose more than expected in November, a potential sign of a tightening labor market.
The crypto market crash saw Bitcoin fall back to the $95,000 level, while Ethereum’s ether now trades at $3,350. The total market capitalization of the space now stands at around $3.33 trillion.
Featured image via Pixels.
