Cryptocurrency prices fell collectively during trading on Wednesday, under pressure from a strong selling wave, as attention turned to major economic developments in the US market after US Treasury yields reached their highest levels in 3 months amid concerns about inflation.
Bitcoin fell 0.85% to $66,913, according to data from CoinDesk.
Ethereum fell 0.68% to $2,610, while Ripple fell 0.66% to 52.9 cents.
According to CNBC data, the yield on the 10-year US Treasury note rose to 4.2% yesterday, Tuesday, for the first time since July 26. While the Federal Reserve decided to cut interest rates by 50 basis points, Treasury yields increased by almost the same amount.
On the other hand, the upcoming US elections and the chances of Donald Trump returning to the presidency are affecting the sentiment of the cryptocurrency market.