Bitcoin slumped to an almost two-month low as investors dumped riskier assets after a sharp rise in bond yields.

The original cryptocurrency dropped below $90,000 on Monday, its lowest since Nov. and well below the peak of $108,316 it reached in December. Other cryptoassets were also in the red.

Crypto stocks sank in morning trading.

Stronger-than-expected US jobs data on Friday prompted traders to curtail bets that the Federal Reserve may cut interest rates again any time soon, exacerbating an already choppy start to 2025.

“The start of the new year has not been easy for the crypto market,” said Alex Kuptsikevich, chief market analyst at FxPro. “Adding to the unease is the fact that last week’s upside momentum failed to develop, only attracting sellers.”