The crypto market fell on Tuesday, with bitcoin trading at $62,300, having lost 2.5% since midnight UTC, while ether (ETH) tumbled by more than 4% to $1,650.
The selloff follows Monday’s downturn in technology stocks, with another day in the red foreshadowed by Nasdaq 100 futures, which have cratered by 2.5% since midnight.
Tech stocks are struggling due to profit-taking and the risk of higher bond yields, according to Patrick Munnelly, market strategy partner at TickMill.
Altcoins performed worse than bitcoin and ether, with tokens such as ethena (ENA) and hype (HYPE) losing 5%-6% and $717 million in liquidations across the market spurring exaggerated downswings.
The Dollar Index (DXY) rose to its highest level in more than…
