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Bitcoin drops below $83,000 amid higher borrowing costs

Bitcoin was down nearly 4% over 24 hours, and about $178 million in long positions were closed, according to Coinglass.

Reported · Written up by our desk · Market Structure

Bitcoin slid below $83,000 during a broader selloff, falling nearly 4% over the prior 24 hours to about $83,062 in New York, after trading as low as $82,823, Bitcoin Magazine said.

The outlet linked the move to a rise in the cost of borrowing, noting U.S. mortgage rates climbed for a seventh straight week to the highest level in nearly three years, and that oil prices have surged.

Bitcoin Magazine also said the higher borrowing costs were tied to concerns that the Federal Reserve may raise rates again, after the central bank hiked interest rates last month.

According to the report, nearly $178 million in long bets on bitcoin price were closed over the past 24 hours, according to Coinglass.

Latest closeBitcoin $82,958.95 ▼0.4%

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