Bitcoin and other cryptocurrencies traded lower on Friday as rising U.S. Treasury yields, a stronger dollar and persistent selling pressure weighed on digital assets. Bitcoin fell 0.55 percent over the previous 24 hours to $82,435.80, while Ethereum declined 2.76 percent to $2,497.50.
The broader cryptocurrency market remained under pressure, with major altcoins including Solana, BNB, XRP, Cardano and Avalanche recording losses. Bitcoin had fallen 4.24 percent over the previous seven days, while Ethereum declined 8.43 percent and Solana dropped 9.50 percent.
The downturn followed several volatile sessions for global financial markets, with investors reassessing interest rate expectations amid elevated energy prices and government bond yields. Reuters reported that rising borrowing costs and inflation concerns continued to weigh on global risk appetite, while the U.S. dollar remained firm.
Bitcoin holds above $82,000
Bitcoin, the world’s largest cryptocurrency by market capitalization, traded at $82,435.80, down 0.55 percent over 24 hours and 4.24 percent over seven days.
Its market capitalization stood at approximately $1.65 trillion, with 24-hour trading volume reaching $43.07 billion. Bitcoin accounted for 37.42 percent of the combined 24-hour trading volume.
The cryptocurrency remained below the $85,000 level after a sharp selloff earlier in the week. Bitcoin had retreated below $85,000 following a sudden decline of more than $2,000, with investors weighing higher bond yields, rising oil prices and selling by large cryptocurrency holders.
Institutional fund activity also reflected weaker demand. U.S. spot Bitcoin exchange-traded funds recorded $324.8 million in net outflows on October 7, with Fidelity’s FBTC accounting for $105.1 million in redemptions.
These withdrawals added to the market’s concerns about institutional demand during a period of increased volatility.
The latest Farside Investors figures showed an additional $238.6 million in net Bitcoin ETF outflows on October 8, following $484.9 million in withdrawals on October 7. These figures provide a more recent and comprehensive measure of fund activity than the earlier preliminary estimates.
Ethereum and Solana retreat
Ethereum, the second-largest cryptocurrency, fell 2.76 percent to $2,497.50, extending its seven-day decline to 8.43 percent. Its market capitalization stood at $304.07 billion, while 24-hour trading volume reached $18.94 billion.
Solana declined 4.24 percent to $110.462, bringing its weekly losses to 9.50 percent. Its market capitalization stood at $64.93 billion, with daily trading volume reaching $5.17 billion.
BNB slipped 3.43 percent to $743, extending its seven-day decline to 4.47 percent. The cryptocurrency’s market capitalization reached $98.79 billion, while trading volume stood at $1.95 billion.
XRP edged down 0.44 percent to $1.40, recording a weekly loss of 7.93 percent. Its market capitalization stood at $88.07 billion, supported by $4.16 billion in daily trading volume.
The declines followed a broader retreat in digital assets earlier in the week. Bitcoin, Ethereum and XRP faced pressure as rising oil prices, elevated Treasury yields and a stronger dollar reduced investors’ appetite for riskier assets.
Altcoins extend weekly losses
Other major cryptocurrencies also recorded losses. Dogecoin declined 2.59 percent to $0.085354, bringing its seven-day drop to 11.03 percent. Cardano fell 5.58 percent to $0.2392, while Avalanche declined 5.03 percent to $10.37.
Chainlink dropped 1.85 percent to $12.897, extending its weekly losses to 10.95 percent. Stellar slipped 1.81 percent to $0.19521, while Litecoin declined 0.39 percent to $64.15.
Bitcoin Cash lost 5.13 percent to $281.17, while NEAR Protocol recorded a sharper daily decline of 11.86 percent to $4.8538.
Meanwhile, Sui fell 5.29 percent to $1.0699, and Shiba Inu edged down 0.06 percent to $0.00000540. Zcash declined 1.78 percent to $1,220.30, bringing its weekly losses to 11.74 percent.
Some cryptocurrencies moved higher despite the broader retreat. Canton gained 1.15 percent to $0.11784, while Ondo advanced 3.11 percent to $0.481. Polkadot rose 5.27 percent to $1.160, although it remained 4.49 percent lower over seven days.
Stablecoins remain relatively steady
Stablecoins showed limited price movements during the session. Tether’s USDT traded at $0.9994, down 0.04 percent, with a market capitalization of $184.09 billion and daily trading volume of $93.71 billion.
USDC traded at $1.0007, up 0.02 percent, with a market capitalization of $73.13 billion. Dai remained near $0.99992, gaining 0.02 percent.
Tokenized gold products also advanced, with Tether Gold rising 1.42 percent to $4,189.30 and PAX Gold gaining 1.45 percent to approximately $4,192.
The contrasting performance came as broader financial markets continued to react to interest rate expectations and geopolitical uncertainty.
U.S. Treasury yields remained elevated, while oil prices eased on Friday after rising sharply in the previous session. Higher borrowing costs and inflation concerns remained central to investors’ assessments of global financial conditions.
