Bitcoin Slumps Below $77K Amid Higher US Treasury Yields

Bitcoin's price has been on a downward trajectory, slipping below $77,000 just before midday Friday. The sudden sell-off saw the cryptocurrency plummet to an intraday low of $76,476 in little over two hours.

The decline dragged the total crypto market cap down to $2.65 trillion and pushed bitcoin's weekly losses to 3 percent. With one week left in the month, this trend points to a negative monthly close for bitcoin, locking in double-digit losses year-to-date.