Major cryptocurrency slides to $89,000 today

Bitcoin fell to its lowest level in nearly two months as investors ditched riskier assets following a sharp rise in bond yields.

The major cryptocurrency fell 3.9% on Monday to $89,000 on Monday, its lowest level since Nov. 26 and a far cry from its high of $108,300 in December. Other cryptocurrencies also lost ground, with Ethereum down 5.3% at 11:36 a.m. in London.

Stronger-than-expected U.S. labor market data on Friday prompted traders to scale back bets that the Federal Reserve would cut interest rates again anytime soon, compounding a turbulent start to 2025.