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The recent crypto crash resumed today, Dec. 13, with Bitcoin and most altcoins being in the red and the market capitalization falling by over 2% in the last 24 hours.
Bitcoin Bitcoin
Bitcoin price dropped from this week’s high of $94,000 to $90,000. Some of the top laggards in the crypto market were tokens like The Graph, Story, Algorand, and Ethena, which fell by over 5%.
Crypto crash today coincides with stock market weakness
The ongoing crypto crash happened as investors embraced a risk-on sentiment in the market. For example, American equities continued their recent slump amid AI jitters following the mixed earnings reports by companies like Broadcom and Oracle.
The tech-heavy Nasdaq 100 Index dropped by 500 points, while the S&P 500 and Dow Jones fell by 70 and 210 points, respectively.
Also, the closely-watched VIX Index rose by over 2.7% to $16.70, while bond yields jumped. The ten-year yield rose to 4.20%, while the 22-year spiked to 3.53% even after the Federal Reserve slashed rates by 0.25%.
Therefore, the crypto market crash is happening as investors move away from risky assets
$BTC