Bitcoin dips further, falls to new day low below $95.4k

WEB DESK: Bitcoin entered the red zone on Wednesday as it opened trading and quickly dropped to $96,809.74 within the first five minutes, marking a decline of $157.89 from its previous close of $96,967.63.

After the initial drop, Bitcoin (BTC) briefly bounced back into positive territory, rising by $158.69 to reach $97,126.32 at around 00:20 UTC.

However, this upward momentum was short-lived, and by 01:38 UTC, BTC began to decline again. It fell to $96,689.54 at around 01:53 UTC, showing a larger drop of $278.

The cryptocurrency continued to fluctuate but struggled to break the day’s high, only reaching $97,168.49 at 02:26 UTC.

At 03:01 UTC, Bitcoin resumed its downward trend, slipping to $96,576.30 by 03:08 UTC, a fall of $391.33 from Tuesday’s close. The decline worsened further, and by 04:38 UTC, Bitcoin hit a new day low of $96,263.44, marking a total loss of $704.19.

Bitcoin dropped again around 06:58 UTC, losing $1,614.05 and hovering at $95,353.58.

As of today, the price of one Bitcoin in Pakistani rupee (PKR) stands at Rs26,999,688.41.

For context, cryptocurrency prices sharply retreated on Tuesday, erasing gains from Monday as concerns about the bond market intensified. Bitcoin dropped by 4 per cent, hitting an intraday low of $97,700. Other major cryptocurrencies like Ethereum (ETH), Ripple, and Solana also saw significant declines.

This fall in cryptocurrency values coincided with a broader risk-off sentiment in global financial markets, especially equities. The Nasdaq 100 index fell by more than 1 per cent to $19,635, while the S&P 500 dropped 0.50 per cent.

These indices, dominated by technology stocks, are highly sensitive to risk sentiment.

Notably, popular tech stocks were affected. NVIDIA shares plummeted by 5.4 per cent, erasing over $175 billion in market value. Tesla shares dropped by 3 per cent, while Super Micro Computer saw a decline of 1.5 per cent.

The sell-off is believed to be driven by rising US bond yields ahead of key economic reports, including the nonfarm payrolls data and Federal Reserve minutes.

The 10-year bond yield rose by 1.7 per cent to 4.70 per cent, while the 30-year and 5-year yields increased to 4.61 per cent and 4.50 per cent, respectively.

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