Bitcoin added to losses racked up during the token’s worst week since November last year as the prospect of higher-for-longer borrowing costs saps demand for riskier investments across global markets.
The largest digital asset fell almost 1% toward $26,000 as of 9:53 a.m. in New York on Monday, trading near a two-month low after shedding more than 10% in the seven days through Sunday. Smaller coins like Ether and XRP also slid.
Longer term US Treasury yields are around multi-year highs, part of a global bond selloff that reflects the risk of a prolonged period of restrictive monetary settings to choke inflation. Such a backdrop portends constrained liquidity that would pose a challenge for riskier assets like stocks and crypto.
Read the full story on Bloomberg here.