Crypto Winter

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  • Bitcoin's value underwent a notable revision during Thursday's trading, extending its three-day streak of losses and hitting its lowest point in two months. This downward trajectory took place after the cryptocurrency dropped below the $29,000 mark. The driving force behind this decline stemmed from an uptick in bearish positions, a trend highlighted in the report by the US Commodity and Futures Trading Commission.
  •  These bearish positions gained momentum amid the persistent ascent of yields on the 10-year US Treasury bonds. Moreover, global stock markets saw declines, triggered by renewed apprehensions surrounding the banking sector and the sluggish performance of the Chinese economy. On the Bitstamp exchange, Bitcoin experienced a decrease of approximately $392, equivalent to 1.4%, settling at $28,300. 

Why it matters

This figure represents the lowest value observed since June 21st, in contrast to the opening price of $28,692 for the day. The digital currency achieved its highest point at $28,757. The previous day, Bitcoin on the Bitstamp exchange encountered a 1.6% loss, marking its second consecutive daily decline, a movement attributed to the release of the Federal Reserve minutes.


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