Bitcoin, which had surpassed $110,000, is currently trading at around $108,000.
According to CoinMarketCap, a global cryptocurrency market tracking site, Bitcoin is trading at $108,498, down 1.03% compared to the previous day, as of 8:10 a.m. on the 12th. At the same time, the price of Ethereum has fallen 0.94% to $2,766 compared to the previous day.
The drop in Bitcoin's price is believed to be due to the decline in the New York Stock Exchange. Despite positive news regarding the conclusion of trade negotiations between the United States and China, concerns over heightened tensions in the Middle East have led to a bearish turn. On the 11th (local time), the Dow Jones Industrial Average fell by 1.10 points (0.00%), the Standard & Poor's (S&P) 500 index dropped by 16.57 points (-0.27%), and the Nasdaq index declined by 99.11 points (-0.50%).
Bitcoin recovered the $110,000 mark on the 10th, but turned to a downward trend within a day. Bitcoin surpassed $110,000 for the first time since May 28. The all-time high was recorded at $111,970 on May 23.