Bitcoin and the rest of the cryptocurrency market had a rough start to the year as fears rose that the federal reserve might be nearing its last interest rate cut.

According to Bloomberg’s report, on Monday, Bitcoin briefly dipped below $90,000. Its biggest fall since January 1, down nearly 5% for the month ahead of Monday’s recovery. Other cryptocurrencies, such as Ether, are also still suffering to make gains for the month.

The excitement about crypto is still there despite soaring treasury yields

Investors are wagering on the possibility of a longer break before any federal reserve rate changes, stimulated by a robust U.S. economy and bullish monetary policy coming from the cabinet of U.S. President-Elect Donald Trump. While soaring Treasury yields have dampened some of the enthusiasm around digital currencies, many people in the space are still optimistic. This is primarily due to Trump’s pledges to make the U.S. a crypto-friendly country and reverse the regulations from the Biden era.

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