Bitcoin It continued to lose ground on Friday, falling below a key average as risk remained on the defensive, driving Treasury yields to multi-month lows.
The leading cryptocurrency by market value fell below the 200-day simple moving average of nearly $107,500, extending losses to $106,900, according to Coindesk data. Prices fell 7% for the week, following last week’s 6.5% fall. Other tokens such as XRP, SOL and ETH also extended losses, taking their respective weekly declines to 9% to 12%.
BTC losses followed Over $500 million in inflows From US-listed funds (ETFs) amid growing signs of liquidity stress in the financial system.
Price weakness is consistent with Bearish signal from technical charts That suggests scope for a drop below $100,000 in the coming days.
Futures tied to Wall Street’s benchmark equity index, the S&P 500, fell nearly 1%. The index was dragged lower by banking shares on Thursday after Zions Bancorp and Western Alliance Bancorp disclosed links to fraud-related loan exposures, raising concerns of a larger fraud in the system.
The risk-off catalyzed demand for bonds, driving the US 10-year Treasury yield below 3.94%, the lowest since April. Bond prices and yields move in opposite directions.
Earlier this week, the Philadelphia Fed Manufacturing Index tanked 36 points to –12.8, indicating softening activity and triggering concerns about the economy. It also added to the demand for longer dated Treasury notes.
