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Bitcoin falls below $US26,000 for first time in two months appeared on www.afr.com by Tanzeel Akhtar.
Other cryptocurrencies were down more, with ether down about 6 per cent and Cardano and Solana’s tokens erasing earlier gains.
The rise in global yields comes as resilient economic data challenges the view that central banks rates are peaking. Higher interest rates generally lessen the appeal of alternative investments such as cryptocurrencies.
The drop in bitcoin follows a period in which the cryptocurrency has been trading in a narrow range for months. Gauges that measure the price swings of the original cryptocurrency have been trending down, with 90-day volatility reaching its lowest since 2016 this week, according to data compiled by Bloomberg.
“There was optimism earlier in the week that a resolution to the Grayscale Bitcoin ETF would come this week but that passed with nothing coming out,” Shiliang Tang, chief investment officer at crypto investment firm LedgerPrime, said. “Furthermore traditional markets have been weak all week with SPX and tech selling off, 10-year rates reaching highs and the dollar catching a bid, and China credit and econ data weakness, all of which are negatives for risk assets.”
Bloomberg
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