Bitcoin hits one-week low as rising U.S. yields dent rally

FILE PHOTO: A representation of virtual currency Bitcoin and small toy figures are placed on computer motherboard in this illustration taken January 7, 2021. REUTERS/Dado Ruvic

SINGAPORE (Reuters) – Cryptocurrencies plunged on Monday, with bitcoin dropping more than 12% to a one-week low as rising U.S. yields lifted the dollar broadly and hurt non-income paying assets.

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

Reporting by Tom Westbrook; Editing by Himani Sarkar

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