Bitcoin falls below $70,000 for first time since August
Bitcoin dropped to $67,628, its lowest level since 19 August, as investors weighed US inflation, interest rates and the prospect of tighter crypto regulation.
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Bitcoin fell below $70,000 on Friday for the first time since August, dropping as much as 5.4% to $67,628 amid concerns about US inflation, interest rates and tighter cryptocurrency regulation, according to an ANP/Bloomberg report published by Nieuws.nl.
The world’s largest cryptocurrency had already lost 3.8% on Thursday. Its Friday low was its weakest level since 19 August, the report said.
Higher oil prices and persistent US inflation have strengthened expectations that the Federal Reserve could raise interest rates further. Higher borrowing costs can make speculative investments less attractive, while improving returns on savings.
The report also linked pressure on crypto prices to expectations of stricter oversight of the sector following Democratic gains in the US midterm elections.
Bitcoin had also fallen about 5% on 5 November as US technology shares slid, in a separate market downturn reported earlier.
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