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

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.