A sharp spike in the 10-year US Treasury yield and an extended Big Tech sell-off is weighing on cryptocurrency prices as investors flee risk-on assets.
Bitcoin (BTC) continues to struggle below $50,000 on March 5 as a spike in the 10-year Treasury yield to 1.62%, its highest level in over a year, has taken a toll on global financial markets and hit risk-assets especially hard.
At the time of writing the S&P 500 and Dow are up 0.46% and 0.64% but the tech sector sell off continues as companies like Apple and Tesla continue to slump further.
Economists see rising bond yields as the result of improvements in the economy thanks to the Covid-19 vaccine rollout and the expectation that economic activity will ramp up as the rate of coronavirus infections drop. The