The price of Bitcoin (BTC) has fallen back below $27,000 U.S., giving up most of its recent gains amid increasing geopolitical uncertainty and rising bond yields.
Bitcoin is currently trading at $26,850 U.S. after enduring a selloff in recent days that wiped out most of the gains from a recent rally that took the price above $28,000 U.S. and to its highest level since July of this year.
The largest cryptocurrency by market capitalization is now back in the $26,000 U.S. range where it has traded for much of the past six months as crypto prices have stagnated in the face of economic uncertainty and rising political tensions around the world.
A new military conflict in the Middle East has increased pressure on Bitcoin and other cryptocurrencies that are seen as riskier assets, say analysts.
Some analysts say that cryptocurrency traders have recently reduced their bullish bets amid rising crude oil prices and a slump in stocks.
Ethereum, the second-largest cryptocurrency by market cap, has been trading flat in recent days while smaller digital coins and tokens have been treading water as well.
Bitcoin’s price has risen 62% so far this year.
