Interesting to note, the patterns occurring in the crypto and stock markets truly show a close connection. Bitcoin briefly plummeted from 90,000 to touch 60,000 in the first five weeks of this year, and now stocks are beginning to follow the same trend.

Since mid-February, Treasury bond yields have started to rise significantly. The 10-year yield is now at 4.41%, up 48 basis points since the war began. This has a domino effect—when Treasury yields rise, borrowing costs for businesses and consumers become more expensive, and investors start looking elsewhere. As a result, Nasdaq futures dropped to their lowest level since September, as did S&P 500 futures.

What’s interesting is how Bitcoin has become a sort of early indicator for other risk assets. Traders in conventional markets often monitor BTC to gauge overall risk sentiment. The similar price patterns between Bitcoin before its drop and stocks now worry some analysts—will stocks experience a deeper decline?

Mike McGlone from Bloomberg has an interesting perspective on this. He says Bitcoin is already at the tip of the iceberg of risk assets, and if volatility continues to spread, the decline could be broader. Currently, Bitcoin itself is relatively stable around 65,000 to 75,000, although put options are hitting record levels, indicating quite extreme fear in the market.

Recent data shows BTC is trading around 73,300, up 0.65% in the last 24 hours. So while stocks are volatile following rising Treasury yields, we can see how the dynamics of the global market are truly interconnected. This situation serves as a reminder that asset diversification is indeed important, and monitoring macro indicators like Treasury yields can help in reading the overall market direction.