After a blistering rally for most of this year, the price of %Bitcoin ($BTC) has retreated in recent days and posted its biggest weekly decline in five months.
Bitcoin and other %Cryptocurrencies are under renewed pressure as stock prices sink, bond yields rise, and the U.S. dollar’s liquidity declines.
The price of Bitcoin, which is the largest cryptocurrency by market capitalization, fell 9% to $27,600 U.S. in the past week, its biggest weekly decline since last November when the FTX cryptocurrency exchange failed.
At the same time, the yield on the 10-year U.S. Treasury note climbed six basis points to 3.58%, hurting the appeal of risk assets such as cryptocurrencies. Since 2021, Bitcoin’s price has closely tracked the U.S. dollar liquidity index.
Other cryptocurrencies have also seen their prices pushed lower in recent days, with %Ethereum ($ETH) dropping to $1,850 U.S. after topping $2,000 U.S. earlier in April.
Even with this latest decline, Bitcoin has rallied 65% year to date, rising above $30,000 U.S. earlier in April for the first time in 10 months.
British bank Standard Chartered (STAN) just issued a new forecast, claiming that the price of Bitcoin (BTC) could reach $100,000 U.S. by the end of 2024.