Cryptocurrencies sliding in the face of rising US bond yields and overbought signals

<img width="250" height="167" src="https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-Cryptocurrencies-sliding-in-the-face-of-rising-US-bond-yields-iStock-1466128084-250×167.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="crypto" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-Cryptocurrencies-sliding-in-the-face-of-rising-US-bond-yields-iStock-1466128084-250×167.jpg 250w, https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-Cryptocurrencies-sliding-in-the-face-of-rising-US-bond-yields-iStock-1466128084-700×467.jpg 700w, https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-Cryptocurrencies-sliding-in-the-face-of-rising-US-bond-yields-iStock-1466128084-768×512.jpg 768w, https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-Cryptocurrencies-sliding-in-the-face-of-rising-US-bond-yields-iStock-1466128084-120×80.jpg 120w, https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-Cryptocurrencies-sliding-in-the-face-of-rising-US-bond-yields-iStock-1466128084-245×163.jpg 245w, https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-Cryptocurrencies-sliding-in-the-face-of-rising-US-bond-yields-iStock-1466128084-500×333.jpg 500w, https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-Cryptocurrencies-sliding-in-the-face-of-rising-US-bond-yields-iStock-1466128084.jpg 1254w" sizes="(max-width: 250px) 100vw, 250px" /><p>Bitcoin was not the only cryptocurrency experiencing a decline. Ethereum also missed the mark, sliding below the $1,650 level. The global crypto market cap suffered a 0.89% blow, bringing its total value to approximately $1.08tn.</p>
<p>Surprisingly positive results from the Job Openings and Labor Turnover Survey (JOLTS) strengthened 10-year bond yields, which are experiencing the best performance since 2007. Another shadow hanging over the crypto market is the<a href="https://www.leaprate.com/news/sam-bankman-fried-asks-to-suit-up-for-pending-trial/" target="_blank" rel="noopener"> Sam Bankman-Fried</a> scandal and trial.</p>
<p>Although it does not impact cryptocurrency movements directly, it did stir the notion that it is not just Bankman-Fried who is on trial but cryptocurrency as an unregulated industry. Many believe this court case will highlight the inherent dangers of virtual currencies.</p>
<p>A New York Times headline,</p>
<blockquote><p>Crypto Goes on Trial, as Sam Bankman-Fried Faces His Reckoning</p></blockquote>
<p>This headline sparked some debate. Experts maintain that the two entities are not synonymous, and fraud can be committed with any asset, not just cryptocurrency.</p>
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<p>On a positive crypto note, Ripple Labs received the green light to conduct payment settlements in Singapore. This is a prominent step forward for cryptocurrencies in general, as this licence from one of the world’s leading economic hubs can lead to greater technology adoption.</p>
<p>The post <a rel="nofollow" href="https://www.leaprate.com/live-market-news/cryptocurrencies-sliding-in-the-face-of-rising-us-bond-yields-and-overbought-signals/">Cryptocurrencies sliding in the face of rising US bond yields and overbought signals</a> appeared first on <a rel="nofollow" href="https://www.leaprate.com">LeapRate</a>.</p>