Major cryptocurrencies faced a downfall as the U.S. 10-year yield surged to its highest level in over 16 years.
Interest rates continued to rise as the U.S. 10-year Treasury yield surged by an additional 11 basis points to reach 4.69%. This increase was driven by unexpectedly robust manufacturing data, which highlighted the strength of the U.S. economy. The ISM figures recorded a reading of 49, surpassing the forecasted 47.7 and indicating the possibility of more rate hikes in the future.
