Bitcoin, the leading cryptocurrency, experienced a significant decline, reaching a two-month low of $26,172 during Asian trading hours on Friday. This drop was part of a broader market sell-off influenced by global economic concerns. The previous day, Bitcoin had fallen 7.2%, marking its largest one-day drop since November 2022, when the FTX exchange collapsed. The decline is attributed to a combination of factors, including apprehensions about China's economic performance and the potential for prolonged higher U.S. interest rates. These concerns have led to a risk-off sentiment among investors, impacting both traditional and digital asset markets. The cryptocurrency market has been particularly sensitive to regulatory developments and macroeconomic indicators, contributing to its heightened volatility.
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