The pair declined to a low of 39,657, which was about 42% below its all-time high. Other altcoins like Ethereum, Solana, and XRP also tumbled.Bitcoin and other risky assets had a difficult start of the week as concerns about a tighter monetary policy remained.
By falling by over 40% from its highest point, Bitcoin has moved to double what is considered a bear market and four times what is known as a correction zoneAt the same time, the weakness in cryptocurrencies coincided with another sell-off of government bonds. Bond yields, which move inversely to prices, rose to the highest level in months. In the United States, the 10-year yield rose to 1.79% while the 30-year yield jumped to about 2.13% in the overnight session.
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