At a price of just below $31,000, bitcoin is more than 50% below its record high of near $69,000 from late last year and at its lowest point since July 2021.
Other cryptocurrencies, sometimes referred to as altcoins, have been hit hard too.
The surge in yields has also helped lift the value of the dollar, which tends tor rise in tandem with interest rates.
As rates continue to climb, some crypto skeptics think the selling in bitcoin has only just begun.
“The dramatic reversal of Fed liquidity …
Robinhood, which also lets people buy and sell some cryptocurrencies, has fallen more than 45% in 2022.
And shares of several cryptocurrency miners, the companies that run servers which solve the complex mathematical puzzles needed to generate new bitcoin and other cryptos, have tanked too.
The massive pullback in these and other momentum tech stocks is yet another sign of the rapid shift in the market’s mood this year.