Bitcoin briefly fell below 6dollars as rising interest rates weighed
Bitcoin 5briefly fell to 59,770dollars intraday in local time, remaining weak. As of 1 p.m. 2 minutes, it was at 61,378 dollars, 24 hours earlier and 4.12% lower, and was below half the 10-month high of 126,000 dollars reached last year.
Bitcoin is showing weakness after falling below the 5-dollar level intraday in local time on 6. As of 1 p.m. 2 minutes, it was trading at 61,378 dollars per coin. It was 24 hours earlier and 4.12% lower.
Bitcoin briefly fell to 59,770 dollars during the day. It was below half the 10-month high of 126,000 dollars reached last year. The current price is substantially lower than its high.
As the US labor market showed strength, expectations grew that the Federal Reserve would raise its policy rate within the year. This led to higher US Treasury yields. Rising US Treasury yields are leading to selling of risk assets.
Risk-asset selling is intense. Bitcoin is also being affected as selling pressure spreads across the cryptocurrency market. Overall, Bitcoin continued to show a weak trend that day.
In summary, 5the day's price movement occurred amid risk aversion driven by strong labor indicators and interest-rate expectations. Prices showed high short-term volatility that day. Further announcements and interest-rate trends could affect prices going forward.
Sources: 연합인포맥스
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