Bitcoin, ether slide as rising Treasury yields fuel lower risk asset prices

Bitcoin (BTC-USD) and ethereum (ETH-USD) have extended their declines from Friday's drop in Monday morning trading, albeit recovering a bit from an even deeper slump seen earlier in the session. Over the past 24 hours, bitcoin (BTC-USD) dipped 0.4% to $21.33K, up from an intraday low of $20.96K, while ethereum (ETH-USD) slid 2.4% to $1.58K at 11:45 a.m. ET, up from a session low of $1.53K. "Some believe that the significant sell off on Friday was caused by Celsius Network, who are bankrupt, receiving approval to sell mined Bitcoin to cover their operations," GlobalBlock analyst Marcus Sotiriou wrote in a note. "It has been speculated that Celsius sold 7000 Bitcoin on FTX spot, which led to a cascade of liquidations."The stock market also took a beating with the Dow Jones (DJI) -1.3%, S&P 500 (SP500) -1.6% and tech-led Nasdaq (COMP.IND) -2% all in the red. The bearish price action also came as U.S. Treasury yields rose slightly across the curve, with the 10-year (US10Y) up three basis points to 3.01% and the two-year (US2Y) up four bps to 3.31%. Keep in mind that a so-called yield curve inversion, which historically precedes a recession, occurs when short-duration benchmarks yield more than longer-dated ones. The eurodollar futures curve is also inverting and has been since March, in a sign that issues in the monetary system are taking hold globally. Perhaps traders are expecting a hawkish message coming from the Federal Re...