Bitcoin Plummets: Affected by the Rise in U.S. Treasury Yields

According to SoSo Value data, the U.S. 10-year Treasury yield and Bitcoin price have shown a significant negative correlation over the past six months, reaching -90.61%.

Yesterday, the U.S. 10-year Treasury yield surged to 4.3, causing an overall adjustment in U.S. stocks and a drop of more than 5% in Bitcoin prices within 24 hours.

In addition, Meme Stocks in the U.S stock market continued to significantly pull back while cryptocurrency Meme sector plummeted by more than 12% within 24 hours leading all crypto sectors' decline; however, SocialFi sector only fell by about 4.58%.