Cryptocurrencies Extend Losses as Global Bond Yields Rise

Cryptocurrencies continued their decline during Monday's trading as rising global bond yields dampened demand for riskier assets in global markets.

Bitcoin dropped 0.4% to $26,033.5 at 12:40 p.m. Makkah time, according to Coinbase data, after logging its worst weekly performance since November 2022.

Ethereum also fell 0.37% to $1,672.26, while XRP slumped 3.68% to $0.5232.

Investors worldwide await a meeting of top central bank officials at the Federal Reserve's annual symposium in Jackson Hole this week, looking for clues about monetary policy outlooks.

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