Bitcoin experienced a drop below $26,000 for the first instance in a span of two months today. This decline can be attributed to growing risk aversion in the cryptocurrency market, happening at the same time as the global surge in government bond yields, which have reached their peak in approximately 15 years now.

This drop has nearly wiped out a big portion of the gains that were achieved following BlackRock's unexpected submission for a Bitcoin ETF on June 15 this year. Following an impressive 72% surge in the initial quarter, Bitcoin has seen a decline of approximately 9% since March. In the previous year, the token experienced a significant 64% drop due to a series of industry-related controversies and bankruptcies.

During Thursday afternoon in the Eastern Time zone, the cryptocurrency altcoin market also displayed declines. Ethereum, experienced an almost 10% drop , currently being traded at $1665,84. It reached its lowest point of $1,576.

Similarly Ripple (XRP), Shiba Inu (SHIB), and Litecoin (LTC) have all faced decreases of around 14% over the past day. All three of these cryptocurrencies had undergone substantial upward price movements in the recent weeks prior to these declines.