Bitcoin Reaches Lowest Point in Nearly Two Months Amid Worries About Price
The cryptocurrency market experienced a decline as risk aversion impacted Bitcoin, causing it to reach its lowest point in nearly two months. This drop was influenced by the rise in global government bond yields, which reached their highest level in approximately 15 years.
The largest digital asset by market value fell as much as 2.1% to $28,335 before paring down. The drop was the biggest intraday drop since August 1. Other cryptocurrencies were mixed, with Ether down around 1.2% and Cardano and Solana tokens both up around 1.5%.
The rise in global yields is due to the challenging economic data at the peak of central bank interest rates. Higher interest rates tend to make alternative investments like cryptocurrencies less attractive.
Bitcoin’s drop follows a period in which the cryptocurrency has traded in a narrow range for months. Gauges of the native cryptocurrency’s price volatility have fallen, with 90-day volatility this week at its lowest level since 2016, according to data compiled by Bloomberg.
