Bitcoin crashes below $26,000 as investors turn risk-shy, Musk dumps $373 mn cryptos

The popular cryptocurrency's price dips to $26,000 level for the first time after Musk's SpaceX reportedly sold $373 million in BTC.
Bitcoin (BTC) suffered a major crash and slumped below $26,000 for the first time in two months as investors increasingly turn risk-averse and global government bond yields reach their peaks in about 15 years, various media reports indicated.
When you throw in what is happening in the bond market, it becomes easy for Bitcoin prices to soften,” Edward Moya, senior market analyst at Oanda, was quoted as saying in a note. This huge crash has almost undone all the gains BTC made as a reaction to BlackRock’s surprise filing for a Bitcoin ETF on June 15.

After surging 72 percent in the first quarter, Bitcoin has declined about 9 percent since the end of March. The token tumbled 64 percent last year amid a series of industry scandals and bankruptcies, reports indicated.