Bitcoin Hits 2-Month Low on Fresh Selloff

Bitcoin Hits 2-Month Low on Fresh Selloff

After keeping an uptrend for months, Bitcoin slumped on Friday amidst uncertainties across global markets. Top cryptocurrency bitcoin hit a fresh two-month low, breaking out of its recent tight range.

The price depreciation followed a wave of risk-off sentiment that gripped retail investors and world markets. On Thursday, bitcoin fell 7.2% in its biggest one-day drop since November 2022 when top exchange FTX collapsed.

It then slipped to a two-month low of $26,172 during Asian trading hours on Friday, its lowest since June 16, it had partly recovered to $26,478, down 0.6% on the day.

Ether, the second biggest cryptocurrency, was steady at $1,690.20, having also dropped sharply on Thursday. Bitcoin had been hovering close to $30,000 in recent months. It was lifted in June by BlackRock applying to launch a spot bitcoin exchange-traded fund (ETF) in the United States.

Yesterday, Bitcoin dropped 7.2% to $26,634, losing $2,067 from its previous close. Bitcoin, the world’s biggest and best-known cryptocurrency, is down 16.3% from the year’s high of $31,818 on July 13.

Nigerian Treasury Bills Yield Rises to 7%