Bitcoin Drops 14% in a Week to Reach $65,000

The price of Bitcoin recorded a 14% drop over the last week. The cryptocurrency reached the $65,000 mark on Saturday after breaking through the $67,555 floor recorded on Friday.

The sell-off intensified over the weekend. This is the lowest level observed since mid-August. Seven days ago, the digital currency was trading at around $75,750.

The devaluation followed the rise of the dollar and projections for the Federal Reserve's decision in December. The market has fully priced in a 0.25 percentage point interest rate hike at the next meeting of the American monetary authority.

The technology sector also weighed on investor sentiment. The departure of Nvidia's chief executive on Thursday triggered a wave of selling in artificial intelligence stocks. The iShares semiconductor index fell more than 3% in the last trading session of the week.

Data from the Department of Labor showed that the Producer Price Index rose 0.3% in October. The result was below the 0.4% expectation from economists. The 10-year Treasury yield reached 5.17% on Friday.