Bitcoin drops below $30,000, to a weekly low

Bitcoin drops below $30,000, to a weekly low

Bitcoin fell over 7%, dropping back below $30,000 and hitting a weekly low. The course on Tuesday is about $29,500, while the day before it was above $31,000.

Bitcoin drops below $30,000, a week low

Cryptocurrencies are getting cheaper this year: their total market capitalization has fallen to about $1.2 trillion from $3 trillion in November 2021, Interfax writes.

Bitcoin's depreciation comes as US Treasuries yields rise above 3% to their highest in a month, raising concerns that rising borrowing costs could lead to a recession in the economy USA.

In addition to declining market prices, cryptocurrencies are also facing increased scrutiny from side of the regulators. The US Senate may soon introduce a bill that will provide for a significant overhaul of the market control procedure.