Since Oct 30, US-listed spot Bitcoin exchange-traded funds have seen more than US$2.5 billion in net outflows. (EPA Images pic)LONDON: Bitcoin fell below US$70,000 Friday for the first time since August, extending a two-day slump to as much as 9% as concerns about inflation and higher interest rates weighed on cryptocurrencies.
The largest digital asset sank as much as 5.4% to US$67,628, its lowest level since Aug 19, adding to a 3.8% decline on Thursday. It later pared some losses to trade around US$69,000 at 7.30 am in London. Asian stocks erased an earlier tech-led advance while bonds slumped, with investors remaining cautious ahead of US producer-price data.
Roughly US$1.5 billion in bullish bets on cryptocurrencies were liquidated over a 24-hour period, according to CoinGlass data. Forced selling by leveraged traders added momentum to the decline.
