Bitcoin tumbles, gives up multi-month gains, as stocks get slammed, yields skyrocket

Bitcoin (BTC-USD) and ethereum (ETH-USD) are facing intense selling pressure in midday trading Thursday as stocks erase gains a day after Fed boss Jerome Powell ruled out bigger interest rate hikes. The global crypto market cap drifting down by almost 4% to $1.68T over the past 24 hours. Moreover, bitcoin (BTC-USD -5.5%) cratered to as low as $36.6K, recently standing at roughly $37K, and ether (ETH-USD -3.9%) is sliding to $2.75K. Looking at the major U.S. stock market indices, the Dow Jones (DJI) -2.8%, S&P 500 (SP500) -3.3% and Nasdaq (COMP.IND) -4.5%. Bonds are getting slaughtered as well, with the 10-year U.S. Treasury yield soaring nearly 18 basis points to 3.09%. The “technical picture in BTC remains poor, in spite of a less hawkish Powell, BTC failed to regain 40,000, hence this pull back,” Teong Hng, chief executive of crypto investment firm Satori Research, told Bloomberg. Stock market price action has been wild recently. On Fed day, May