Bitcoin Price Declined to $62,700

Bitcoin's price fell by approximately 2% to $62,687. As a result, the cryptocurrency's value has declined by a total of 2.8% over the course of the week.

The negative sentiment in the market is primarily linked to geopolitical events. Investors were affected by the cancellation of planned negotiations between the US and Iran in Switzerland, which increased uncertainty in the markets. Additional pressure was created by statements from Federal Reserve representatives, who reinforced expectations of maintaining high interest rates for a longer period.

Against this backdrop, capital outflows from cryptocurrency-related investment funds continue. Bitcoin ETFs have been experiencing capital outflows for the sixth consecutive week. Some analysts note that investors' attention is currently shifting more toward companies operating in the technology and artificial intelligence sectors.

Along with Bitcoin, other major cryptocurrencies have also depreciated. Ethereum's price fell by 2.2%, while XRP, Solana, and Cardano's values declined by 2% to 4%.

Source: Investing.com