Bitcoin and other cryptocurrencies experienced a decline in value on Tuesday, following a recent rally, as bond yields surged, putting pressure on risk-sensitive assets. The lackluster debut of a cryptocurrency exchange-traded fund (ETF) also contributed to the gloomy outlook. Bitcoin dipped by 3% in the past 24 hours, falling below $27,600, despite reaching $28,500 on Monday. However, it remains above the $26,000 zone which has characterized trading for the last two months due to low volatility and volumes. The rise in Treasury yields and the disappointing launch of the ETF holding futures contracts for Ether, the second-largest digital asset, have further dampened investor sentiment.
Crypto ETF Debut Fails, Bitcoin Plunges in Concern
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