Why Bitcoin Was Slumping on Friday
The world's leading cryptocurrency didn't look like much of a leader as we headed into the weekend. From 4 p.m. ET on Friday, Bitcoin (CRYPTO: BTC) was sliding by nearly 3% in late afternoon trading. Action in the bond market was a key factor, as was a disclosure by one of the coin's most prominent bulls.
The main culprit in the decline was bond yields (for those unfamiliar, bond prices and yields move in the opposite direction -- the lower the price, the higher the yield, and vice versa). These rose significantly on Friday due to aggressive sales activity by investors. This was due to the usual recent factors, particularly the continuing stalemate in the war with Iran and its effect on oil prices, which rose again.
Image source: Getty Images.
Source Fool.com
