Bitcoin Nears $62,000, Just $4,000 Above Its Yearly Low

Bitcoin fell to around $62,000 over the weekend, hitting its lowest level since July and nearing its yearly low of about $58,000.

According to a Bloomberg report cited by Wu Blockchain, selling in Bitcoin accelerated as U.S. Treasury yields rose and the dollar strengthened. Bloomberg also pointed to policy uncertainty following the U.S. midterm elections and the lingering effects of the Binance hack as factors weighing on the market.

Stablecoin balances also declined as selling continued

Joshua Lim, co-head of markets at FalconX, said the roughly $20 billion decline in stablecoin balances over the past month had caught the market’s attention. Lim said the potential impact of Anthropic’s upcoming IPO on liquidity was also being discussed.

Not investment advice.