Top cryptocurrency bitcoin experienced a significant drop to a new two-month low on Friday, breaking free from its recent tight trading range as risk aversion sentiment spread across global markets.
Global Market Uncertainty Triggers Bitcoin’s Sharp Decline
On Thursday, bitcoin recorded a substantial 7.2% decline, marking its most significant one-day drop since November 2022 when the major exchange FTX faced a collapse.
This downward momentum continued, pushing bitcoin to its lowest point since June 16 at $26,172 during Asian trading hours on Friday.
However, by 0835 GMT, it had partially recovered to $26,441, showing an 0.8% decline for the day.