Bitcoin breaks below $40K to lowest in five months amid risk asset slump

Bitcoin (BTC-USD) slides to as low $38.6K in the past 24 hours, its lowest level in five months, as investors turn away from risk in general. Equities are also weak, with S&P 500 futures off 0.5%, Nasdaq futures -0.8%, and Dow futures -0.2%. Some factors specific to the crypto markets include Russia's central bank proposing a ban on crypto mining and use in the country and the SEC rejecting SkyBridge Capital's proposed spot bitcoin ETF. In addition, regulators in Spain, the U.K., and Singapore suggested tightening rules on promoting crypto assets to retail investors. In other crypto coins, ether (ETH-USD) falls 12%, Cardano (ADA-USD) -13%, Solana (SOL-USD) -15%, and dogecoin (DOGE-USD) -10%, and Shiba Inu (SHIB-USD) -12%. Also supporting the risk-off narrative, Treasurys rise, pushing yield down 3 basis points to 1.78%. "Rumors of Russian mining bans, the effects of tapering programs and ongoing regulatory concerns in certain jurisdictions are currently taking more weight