Bitcoin fell below $26,000 for the first time in two months as risk aversion weighs on the cryptocurrency market with global government bond yields climbing to the highest in about 15 years.
“When you throw in what is happening in the bond market, it becomes easy for Bitcoin prices to soften,” Edward Moya, senior market analyst at Oanda, said in a note.
The slide has almost erased most of the gains registered in the wake of BlackRock’s surprise filing for an Bitcoin ETF on June 15. After surging 72% in the first quarter, Bitcoin has declined about 9% since the end of March. The token tumbled 64% last year amid a series of industry scandals and bankruptcies.
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