Bitcoin falls below $70,000 to hit 3-month low amid rising bond yields - Anadolu Ajansı

Bitcoin fell below $70,000 on Friday, hitting its lowest level since mid-August as rising bond yields weighed on non-yielding assets.

The world's largest cryptocurrency dropped 7.2% to trade at $68,143 as of 0900GMT, fluctuating between a 24-hour low of $67,653 and a high of $73,638. It has lost 33.8% since the beginning of this year.

The total market capitalization of all cryptocurrencies contracted 5.8% to $2.3 trillion.

Ethereum, the second-largest cryptocurrency, also slid 6.5% over the last 24 hours to trade around $1,610.

Treasury yields surged following stronger-than-expected US inflation data, while persistent price pressures were compounded by elevated oil prices.

Hawkish comments from Federal Reserve officials further fueled market concerns, with some policymakers suggesting a 50-basis-point rate increase may be warranted.

Meanwhile, Democrats secured victory in the November midterm elections, gaining control of both chambers of the US Congress starting next year.

The election outcome raised investor expectations of increased regulatory scrutiny of the crypto industry.