Bitcoin Drops Alongside Tech Stocks as Bond Yields Rise

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Bitcoin fell sharply on Monday and continued declining into the early Tuesday session as traders feared its excessive valuations after a 100 percent rise this year. The benchmark cryptocurrency lost more than $8,000, or 13.91 percent, to trade below $50,000. At its week-to-date low, it was changing hands for as much as $46,700. Bitcoin’s closest market rivals, Ethereum and Binance Coin, also fell 20 and 17 percent in the same period, respectively. Bitcoin slips after logging its record peak level. Source: BTCUSD on Corporate Boom in Bitcoin Space All of the said assets were trading at records before posting broad declines. That raised concerns among traders that the cryptocurrency market is getting capitulated, a reminder of a crash in 2018 that followed a supersonic bull run in the previous year. Such assets powered the cryptocurrency market’s rebound from a coronavirus pandemic-led sell-off in March last year. They also became…

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