Cryptocurrencies are having a tough day, with Bitcoin plummeting below $65, 000. This dip follows a broader market trend, reflecting a similar decline in traditional stock markets. Over the past 24 hours, Bitcoin has lost more than 2. 5% of its value, dashing hopes of hitting the $70, 000 mark that seemed possible just a week ago. This downward spiral highlights the growing volatility in the crypto market and its connection to traditional financial markets.

What's behind this crypto crash? One factor is the pressure on tech stocks, especially Tesla, which is releasing its latest earnings report. Analysts expect Tesla's earnings per share to drop slightly, but still show improvement from previous quarters. Meanwhile, the yield on the 10-year U. S. Treasury note has skyrocketed to 4. 23%, the highest since July. This rise suggests investors are worried about the economy and shifting their money into safer bonds.

Other major cryptocurrencies are also feeling the heat. Ether, the second-largest crypto, has lost over 3% in the past day, trading around $2, 500. Cardano, Avalanche, and even the popular memecoin Shiba Inu have seen similar drops. Overall, the global crypto market has shrunk by 2%, now valued at $2. 2 trillion.

Bitcoin Drops Below $65K: Is Crypto's Boom Over?

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