Bitcoin prices fall by over 7%

Bitcoin prices fell more than 7%, dropping below $30,000 again and hitting a weekly low, Report informs.

The exchange rate on June 7 is about $29,500, while on June 6 it was over $31,000.

Cryptocurrencies are getting cheaper this year, with their combined market capitalization dropping to around $1.2 trillion from $3 trillion in November 2021.

The decline in the price of Bitcoin comes against the backdrop of US Treasuries yields rising above 3%, to a maximum in a month, which raises fears that rising borrowing costs could lead to a recession in the US economy.

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