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Bitcoin drops after two weekly gains
Bitcoin's price declined by 1.7% to reach $83,061.4, following two weeks of gains, as rising US bond yields and geopolitical tensions between the United States and Iran led to a decreased risk appetite in the markets. Other cryptocurrencies also fell collectively, amid a global increase in government bond yields, notably the 10-year US Treasury yield which surpassed 5%, the highest level since 2007, along with rising long-term Japanese yields. Analysts believe that the tight monetary policies implemented by central banks are reducing the appeal of high-risk assets, amidst escalating tensions between economic and political forces, which in turn impacts the cryptocurrency market.
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