Market Wrap: Cryptocurrencies Decline With Equities, Traders Remain Cautious

Market Wrap: Cryptocurrencies Decline With Equities, Traders Remain Cautious
Most cryptocurrencies traded lower on Tuesday as rising bond yields continued to weigh on U.S. equities. As investors reduce their appetite for risk, the most speculative areas of global markets have been hit the hardest.For example, the Nasdaq 100 is down about 5% from its all-time high, compared with a 4% drawdown in the S&P 500 and a roughly 37% drawdown for BTC. Government bonds, deemed to be a traditional safe haven investment, are also selling off as yields rise. The iShares 20+ year Treasury bond exchange-traded fund (NASDAQ: TLT) is down nearly 17% from its recent high.Still, despite the…