Virtual asset prices are falling across the board, weighed down by a surge in international oil prices and U.S. long-term Government Bonds yields. Ripple plunged 4.5% from 24 hours earlier.
As of 8 a.m. on the 10th, on the virtual asset market tracker CoinMarketCap, bitcoin was down 0.77% from 24 hours earlier at $77,970.
At the same time, ethereum, the No. 2 by market capitalization, was down 1.38% at $2,452. Ripple was down 4.51% at $1.38, and solana was down 2.10% at $101.
The drop in virtual asset prices is seen as stemming from a heightened likelihood of rate hikes. With concerns growing over supply disruptions due to instability in the Middle East, Brent crude topped $101. In addition, as the yield on the U.S. 10-year Government Bonds broke through 4.85% intraday, concerns have emerged that it could increase the Federal Reserve (Fed)'s pressure to raise rates.