Bitcoin Slips Below $70,000 as Inflation, Rate Fears Weigh on Crypto
By Aboki Forex —
Bitcoin fell below $70,000 on Friday for the first time since August, as inflation concerns and higher interest rates weighed on cryptocurrencies. The largest digital asset dropped as much as 5.4% to $67,628, its lowest level since Aug. 19.
The move extended a two-day slump to as much as 9%. It came after a 3.8% decline on Thursday. Bitcoin later pared some losses to trade around $69,200 in early morning in New York.
Two-day selloff
The cryptocurrency came under pressure as inflation concerns and expectations of higher interest rates hurt risk assets. Bitcoin had already fallen below $70,000 for the first time since August before extending the decline.
Lowest since August
The dip to $67,628 was the lowest level since Aug. 19. The two-day drop reached as much as 9% before some losses were recovered.
Market context
Matt Haldane and Suvashree Ghosh reported the move. Bitcoin traded around $69,200 in early morning in New York after the sharp fall.
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