Cryptocurrencies extended declines, sliding with global risk assets as investors price in higher interest rates for longer. A report of Elon Musk’s SpaceX selling Bitcoin holdings added to the concerns.

Bitcoin fell 4.5% at 11:18 am Singapore on Friday, and was headed for its biggest weekly decline in three months, after touching a low of $25,314. The largest cryptocurrency started retreating from $28,947 a day earlier as global bond yields hit multi-year highs, reducing the appeal for alternative investments such as digital tokens.