Bitcoin deepens its losses to its lowest level in a week, amid negative atmosphere

Bitcoin deepens its losses to its lowest level in a week, amid negative atmosphere

Bitcoin prices fell during Thursday’s trading, deepening their losses for the second day in a row, recording the lowest level in a week, amid negative atmosphere dominating the crypto market, following the recent statements of the head of BlackRock.

And pressure on prices also, the recovery of the yield of US Treasury bonds for ten years, which undermines the appetite for risk in the markets of high-risk assets, especially stocks and digital currencies.

Bitcoin price today

On the “Bitstamp” stock exchange, the digital currency “Bitcoin” fell by $104, or 0.6%, to $16,734, the lowest since November 30, and the opening price of today’s trading at $16,838, and it recorded the highest level at $16,883.

When prices settled on Wednesday on the Bitstamp exchange, bitcoin prices lost 1.5%, the second loss in the last three days, due to renewed selling.

On Thursday, the cryptocurrency market capitalization dropped by more than $5 billion to a total of $835 billion, in light of the current decline in the prices of Bitcoin, Ethereum, and other major currencies.

Black Rock

BlackRock CEO Lawrence Fink said that most digital asset companies will not survive, expecting most of these companies to close permanently after the collapse of FTX.

FTX’s sudden collapse has fueled fears of contagion in the sector, which was already materialized last week, when cryptocurrency lender BlockFi filed for bankruptcy protection.

US bond yield

The 10-year US Treasury yield rose on Thursday by 1.3%, undermining risk appetite in high-yielding asset markets, especially stocks and digital currencies.

Despite this rise in the US bond market, traders are still widely expected that the Federal Reserve, starting from the December 13-14 meeting, will reduce the pace of raising interest rates from 75 points to 50 basis points.

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