Rising Treasury yields, triggered by falling bond prices on Tuesday, led to a nearly 2% decline in tech stocks on the Nasdaq Composite. Cryptocurrencies also experienced a downturn, with Ethereum falling nearly 8%, Ripple dropping by 6%, and Solana slumping by almost 10% in the 24-hour window. This was likely fueled by market enthusiasm surrounding the incoming pro-cryptocurrency Republican Congress, with US delegates for the 119th Congress taking their oaths of office on Monday.
The recent surge in US Treasury bond yields, driven by data indicating faster-than-expected economic growth in December, depressed prices for risk assets broadly. Cryptocurrencies like Bitcoin weren't the only high-risk/high-reward assets to fall, as the Nasdaq also lost more than 2.5% before the close of Wall Street markets. The anticipation for a continued rally, fueled by optimistic predictions for Bitcoin's price in 2025, has generally been bullish so far in January
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