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Bitcoin and Ethereum prices are plunging, draining nearly $ 150 billion from the cryptocurrency market.
Bitcoin has fallen 7.8% in the last 24 hours and is trading at $ 38,726, reaching a five-month low, according to CoinDesk.
Ether, the second-largest cryptocurrency in terms of capitalization, fell 9.3% to $ 2,852 after hitting $ 2,809.51 in the last 24 hours, according to CoinDesk.
About $ 147 billion has disappeared from the entire cryptocurrency market in the last 24 hours, according to Coinmarketcap.com.
The drop in cryptocurrencies comes after Wall Street losses on Thursday. The Nasdaq fell almost 5% this week and the SP 500 is in its third consecutive week of losses.
As the yield on the 10-year US bond skyrocketed earlier this week, rising yields have prompted investors to leave their positions on more risky assets.
The US Federal Reserve (Fed) has also stated that it intends to start reducing its balance sheet, as well as reducing bond purchases and raising interest rates.
A common case of investing in Bitcoin is that it serves as a hedge against rising inflation as a result of government incentives, but analysts say the risk is that a more hawkish Fed could cut off Bitcoin.
As government bond yields fell later in the week, however, Oanda market analyst Edward Moya said it was "a little disappointing not to see Bitcoin react more positively to the reversal of Treasury yields."
Bitcoin prices have fallen sharply since November, losing more than 40% of the record high of about $ 69,000.
Some experts warn that the crypto market could be headed for a downturn soon, as increased regulatory control and sharp price fluctuations limit Bitcoin's prospects.
At the same time, regulators are taking strict measures against cryptocurrencies. China completely bans all cryptocurrency-related activities, and US authorities are also restricting certain aspects of the market.
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