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Bitcoin’s price has plunged — with other assets — as oil surges and the cost of borrowing increases.
The largest cryptocurrency was trading for $83,062, down nearly 4% over a 24-hour period Wednesday morning in New York, after at one point dropping as low as $82,823. Last week, the coin nearly touched as high as $87,086.
Over the past 24 hours, nearly $178 million in long bets on the bitcoin price have been closed, according to Coinglass.
Bitcoin’s sharp drop comes as U.S. mortgage rates climb for a seventh straight week to their highest level in nearly three years.
The rise in borrowing costs was prompted by the oil price surging, stoking fears that the Federal…
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