The price of Bitcoin has a negative correlation of over 90% with the 10-year U.S. Treasury yield in the past six months. Yesterday's sharp rise in Treasury yields may have caused the crash

ChainCatcher news, SoSo Value data shows that the U.S. 10-year Treasury yield and Bitcoin price have exhibited a significant negative correlation of -90.61% over the past 6 months. Yesterday, the U.S. 10-year Treasury yield surged to 4.3, while the U.S. stock market adjusted overall, with Bitcoin price dropping more than 5% in 24 hours.

Additionally, meme stocks in the U.S. stock market continue to experience a significant pullback, while the cryptocurrency meme sector has seen a sharp decline of over 12% in 24 hours, leading all cryptocurrency sectors, whereas the SocialFi sector only dropped by 4.58% in 24 hours.