Bitcoin Falls to the $76,000 Range on Rate-Hike Concerns [Crypto Briefing]

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\r\n[Financial News] Bitcoin fell to the $76,000 range on May 20 as U.S. Treasury yields surged. The move appears to reflect growing expectations that the Federal Reserve may raise its benchmark interest rate.
According to global crypto data platform CoinMarketCap, Bitcoin was trading in the $76,000 range at 10:05 a.m., down 0.55% from the previous day on a 24-hour basis. Over the past week, Bitcoin has dropped 4.95%.
Bitcoin is trading in the 114 million won range on Korean won markets. Based on global crypto market comparison platform Cryprice, the Korea premium stands at -1.36%.
As inflation concerns rise on high oil prices, markets are increasingly pricing in the Fed's possibility of a rate hike. U.S. Treasury yields are also at elevated levels. On May 19 local time, the yield on 30-year U.S. Treasuries briefly reached 5.20%. It was the first time the 30-year yield had exceeded 5.20% in 19 years, since July 2007, just before the Global Financial Crisis (GFC).
Global stock markets are also under pressure. The three major indexes on the New York Stock Exchange (NYSE) all fell on May 19 local time. The Dow Jones Industrial Average closed at 49,363.88, down 322.24 points, or 0.65%. The S&P 500 fell 49.44 points, or 0.67%, to 7,353.61. The Nasdaq ended trading at 25,870.71, down 220.02 points, or 0.84%.
The 'Crypto Fear and Greed Index' provided by CoinMarketCap stood at 38 on the day, indicating 'fear.' The index ranges from 0 to 100. Values closer to 0 indicate 'extreme fear,' while those closer to 100 indicate 'extreme greed.'
At the same time, Ethereum was trading in the $2,108 range, down 1.25% from the previous day. Ripple (XRP) was trading in the $1.35 range, down 2.93%.
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yimsh0214@fnnews.com Lim Sang-hyuk Reporter