Correction on the crypto market: Why Bitcoin and Co. see red

The crypto market started the day in the red. Bitcoin fell by two percent, while many Ethereum (ETH) coins fell between five and ten percent. Story (-28 percent), Aster (-14 percent), and Avalanche (-10 percent) were hit particularly hard.
Approximately one billion US dollars in leveraged positions were liquidated. Overall, the entire crypto market fell by around 2.5 percent. The sentiment barometer, the Fear & Greed Index, fell to 38 points, indicating fear. The Crypto RSI is at oversold. Wall Street also closed with slight losses.
Crypto stocks were also under fire: Strategy (MSTR) lost 4.5 percent, and Coinbase (COIN) slid 4.1 percent. Bitcoin miners were hit hardest: Cipher Mining (CIFR) plummeted 9.4 percent despite positive news, while HIVE, Bitdeer, and Bitfarms fell between six and eight percent.
The reason for this development was the announcement of the US economic figures: The US economy grew surprisingly strongly in the second quarter by 3.8 percent, significantly above forecasts. The result: US Treasury yields are at their highest level in three weeks. Hopes for interest rate cuts, however, are cooling noticeably. This also reduces the willingness to invest in risky assets such as cryptocurrencies.
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