The total cryptocurrency market cap fell 1.3% to $1.097 trillion, the lowest level in two months.
Moreover, its decline coincided with a surge in U.S. bond yields.
The yield on the benchmark U.S. 10-year Treasury note climbed to 4.31% on Aug. 17, the highest level since October 2022.
This suggests that investors are turning to safer assets rather than non-yielding cryptocurrencies like bitcoin.