U.S
U.S. Treasury yields, Bitcoin, MemeStocks, Cryptocurrency
Data from SoSo Value indicates a notable negative correlation between U.S. 10-year Treasury yields and Bitcoin prices over the past six months, with a correlation coefficient of -90.61%. Consequently, with the U.S. 10-year Treasury yield surging to 4.3% yesterday, broader U.S. equities corrected, and Bitcoin prices fell over 5% in the 24-hour period.
Additionally, MemeStocks in the U.S. stock market continued their steep pullback, while the crypto Meme sector plummeted over 12% in 24 hours, leading the declines across all crypto sectors. In contrast, the SocialFi sector fell a mere 4.58% over 24 hours.
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