Bitcoin, which had been on the verge of hitting $100,000, stalled at $99,800 and then plummeted to $95,300, marking a 3.1% decline in the last 24 hours. The broader crypto market also experienced significant losses, with the CoinDesk 20 Index dropping by 4.2%. Ethereum, Solana, XRP, Cardano, and Avalanche saw declines ranging from 4% to 7%. Despite the recent downturn, Bitcoin has still more than doubled in value year-to-date. Meanwhile, the 10-year Treasury yield rose to 4.63%, nearing its 2024 high, following a 50 basis point cut by the Federal Reserve in September. This increase in long-term rates could signal a shift in monetary policy, with expert Jim Bianco suggesting that continued talk of rate cuts might push bond yields even higher.
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