Bitcoin hits one-week low as rising US yields dent rally

[SINGAPORE] Cryptocurrencies plunged on Monday, with bitcoin dropping more than 12 per cent to a one-week low as rising US yields lifted the dollar broadly and hurt non-income paying assets.

Bitcoin fell as far as US$33,447, its lowest since Jan 6. Ethereum which often moves in tandem with bitcoin, fell as much as 20 per cent to a one-week low of US$1,007.51.

REUTERS