United States$1.3 billion of crypto futures were liquidated in 24 hours, Coinglass data show.
Bitcoin hit its lowest level since August, and ether fell below $2,000.
Rising bond yields hurt non-yielding assets such as cryptocurrencies, and exchanges force-close leveraged positions as prices fall.
Traders now expect the Federal Reserve to raise interest rates.
How each outlet framed it
- CoinDesk leans critical
- ties the $1.3B liquidation cascade to the IRGC Bahrain radar strike, with oil flat near $88 as the market-only signal
- Bloomberg Business
Sources: CoinDesk, Bloomberg Business