Bitcoin Extends Drop Below $26,000 for First Time in Two Months
- Bitcoin 90-day volatility reached lowest since 2016 this week
- Rising global bond yields tend to lessen appeal of risk assets
A Bitcoin token sinks into water.
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Bitcoin fell below $26,000 for the first time in two months as risk aversion weighs on the cryptocurrency market with global government bond yields climbing to the highest in about 15 years.
“When you throw in what is happening in the bond market, it becomes easy for Bitcoin prices to soften,” Edward Moya, senior market analyst at Oanda, said in a note.