The cryptocurrency tumbled below $US28,000 and it could further extend its slide if more investors turn wary of the outlook.
Bitcoin reached an almost two-month low as risk aversion weighs on the cryptocurrency market with global government bond yields climbing to the highest in about 15 years.
The drop in bitcoin follows a period in which the cryptocurrency has been trading in a narrow range for months.The largest digital asset by market value fell as much as 3.7 per cent to $US27,867, extending gains after dropping below $US28,000. The decline was the biggest on an intraday basis since July 24. Other cryptocurrencies were also lower, with Ether down about 4 per cent and Cardano and Solana’s tokens erasing earlier gains.
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