Why is the crypto market down today? The August 2023 heat

Rising U.S. bond yields are likely to blame for today’s downward price trend in the crypto market. Specifically, today’s crypto market is declining as the benchmark U.S. Treasury yield rose to its highest level in nearly two years. According to CoinGecko, the current market cap of all cryptocurrencies is $1.16 Trillion, a change of -3.4%…