Top Cryptocurrencies Tumble; Bitcoin Slumps Below $85,000

Major digital assets tumbled Wednesday with Bitcoin (BTC/USD) plunging below $85,000. The CoinDesk Market Index, which tracks dozens of digital assets including Bitcoin, shed 5.5% in the past 24 hours. The Nasdaq 100 rose 0.3% in late trading, the S&P 500 gained 0.1% and Dow Jones Industrial Average fell 0.4%. Bitcoin slumped 4.5% to $84,266, according to CoinMarketCap data. The most popular cryptocurrency's 24-hour trading volume declined 33% to $59.85 billion. Ethereum (ETH/USD), the second-largest digital asset by market value, slid 6.8%% to $2,325. XRP (XRP/USD) shed 3.2%, BNB (BNB/USD) dropped 1.9%, and Solana (SOL/USD) slumped 6.8%. Dogecoin (DOGE/USD) fell 3.8%, while Cardano (ADA/USD) was down 4%. The US 10-year Treasury yield stood at 4.247% at 3 p.m. ET Wednesday, easing from 4.296% Tuesday, while the five-year yield dropped to 4.075% from 4.129%. The global cryptocurrency market value decreased 5.8% in the past 24 hours to $2.76 trillion with trading volume shrinking 35% to $139.4 billion.