News > Bitcoin Slides 12 Percent Amid Rising US Dollar

Bitcoin Slides 12 Percent Amid Rising US Dollar

Evening Standard | 11/01/2021 08:19 PM | Click to read full article

Cryptocurrencies plunged on Monday, with bitcoin dropping more than 12 percent to a one-week low as rising US bond yields lifted the dollar broadly and hurt other safe assets that pay no income.

Bitcoin fell as far as $33,447 (roughly Rs. 24.5 lakhs), its lowest since January 6. The falls are much larger than the 1 percent drop that sent gold prices to a one-month low but reflect a wider dollar bounce against major fiat currencies.