加密货币相关股票同样受到冲击。Coinbase和MicroStrategy的股价分别下跌超过8%和9%，比特币矿企Mara Holdings和Core Scientific股价分别下跌约7%和6%。Bitcoin prices have significantly dropped, as the surge in USA Treasury yields puts pressure on risk assets overall.
According to Zhito Finance APP, on Tuesday, Bitcoin prices fell sharply due to the rising USA Treasury yields putting overall pressure on risk assets.
According to data from Coin Metrics, Bitcoin prices dropped by 5% to $96,525.50. Ethereum fell by 8%, and the broader crypto market (measured by the CoinDesk 20 Index) declined by 7% overall.
Crypto-related stocks were also impacted. The stock prices of Coinbase and MicroStrategy dropped by over 8% and 9% respectively, while Bitcoin miners Mara Holdings and Core Scientific saw their stock prices fall by approximately 7% and 6%.
The catalyst for this market volatility was the data released by the USA Institute for Supply Management (ISM), showing that growth in the USA service sector in December exceeded expectations, intensifying market concerns about "sticky inflation." The yield on 10-year USA Treasury bonds then rose rapidly, and rising yields usually put pressure on growth-oriented risk assets.
On Monday, Bitcoin prices briefly surpassed the $102,000 level. The market widely expected Bitcoin to double from this level this year. Investors hoped that a clearer regulatory framework could support digital asset prices, benefiting related stocks like Coinbase and Robinhood.
However, uncertainty regarding the future interest rate cuts by the Federal Reserve may pose volatility risks for cryptocurrency prices. Although the Federal Reserve cut rates for the third consecutive time last December, it also hinted that the number of rate cuts in 2025 might be fewer than the market expects. Historical data shows that rate cuts usually have a positive effect on Bitcoin prices, while rate hikes do the opposite.
Nonetheless, Bitcoin has risen over 3% since the beginning of this year, while in 2024, it recorded an increase of 120% for the entire year.
