Bitcoin fell below $70,000 on Friday, reaching its lowest level since mid-August. The largest cryptocurrency by market capitalization lost 7.2% and was trading at $68,143 as of 09:00 GMT, Anadolu Agency reports.
Cryptocurrency market dynamics
Over the past 24 hours, Bitcoin’s price ranged from $67,653 to $73,638. Since the beginning of the year, the cryptocurrency has lost 33.8% of its value. The total market capitalization of all cryptocurrencies declined by 5.8%, to $2.3 trillion.
Ethereum, the second-largest cryptocurrency, fell by 6.5% over the day, to about $1,610.
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Impact of bonds and Fed statements
According to the agency, yields on U.S. Treasury bonds rose after the release of inflation data that exceeded market expectations. Persistent price pressure was reinforced by high oil prices.
Investor concerns were also fueled by hawkish statements from U.S. Federal Reserve officials. Some officials suggested that a 50-basis-point rate hike could be justified.
Expectations of tighter oversight
In addition, the Democrats’ victory in the November midterm elections and their control of both chambers of the U.S. Congress from next year increased investors’ expectations of tighter regulatory oversight of the crypto industry.
