Shares of several popular cryptocurrencies, including Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE), are all trading lower going into the close of Monday's session after recent economic data raised concerns over further Fed rate hikes.
Cryptocurrencies have also been seen by some investors as a speculative hedge against inflation and the Fed's plans to continue to curb inflation could weigh on the broader cryptocurrency sector.
The 10-year Treasury yield hit an intraday high of 3.61% Monday morning before dipping to around the 3.56% level. When interest rates rise, the value of future cash flows is reduced for growth stocks, which in turn lower the value of the stock.
Major indices are also lower on continued weakness following last week's nonfarm payroll data. Better-than-expected data raised concerns over further Fed rate hikes.
What Happened With Last Week's Data?
The U.S. added 263,000 jobs last month, beating average economist estimates of 200,000 jobs.
New data from the Bureau of Labor Statistics showed the U.S. unemployment rate is at 3.7%, in-line with economist estimates. The labor participation remained unchanged at 62.1%, compared to the 63.4% pre-pandemic rate in February 2020…Read More
According to data from Benzinga Pro:
Bitcoin is trading lower by 2.60% to $16,906
Ethereum is lower by 3.91% to $1,250
Dogecoin is lower by 4.90% to $0.099