The total value of the global cryptocurrency market, including Bitcoin, fell about 2.9 percent to $2 trillion 460 billion in the last 24 hours.
The price of Bitcoin, the largest cryptocurrency by market value, lost almost 4 percent of its value in the last 24 hours, falling to its lowest level since mid-April. The weekly loss in value of Bitcoin, which was trading at $73,238 as of 1:30 p.m., was nearly 6 percent.
That meant Bitcoin lost 10 percent of its value compared to its monthly peak of about $83,000 that it tested in May and more than 40 percent of its annual high.
Tensions and interest rate concerns in the Middle East are increasing the pressure
Analysts say re-escalating military tensions in the Middle East and concerns about global inflation are fueling uncertainty in financial markets.
The expectation that rising energy prices could trigger inflation and force central banks to maintain high interest rates is reducing investors' appetite for risk.
Billions outflow from spot ETFs
Mass capital outflows into spot Bitcoin exchange-traded funds (ETFs) played a major role in Bitcoin's horizontal price and subsequent decline in May as technology stocks broke records.
According to data from asset management firm Farside Investors, outflows overshadowed inflows into U.S.-based spot funds in 12 of the last 14 trading days. While investors withdrew a total of $3.3 billion during this period, there were eight consecutive days of net outflows.
Bitcoin fell from $126,000 in early October to $60,000 at the end of February last year and recovered by $15,000 from late March to early May.
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