Bitcoin at one-month low in a broad crypto market selloff
Bitcoin touched a one-month low as outflows from digital-asset investment products and the prospect of higher-for-longer US borrowing costs sapped the cryptocurrency market.
The largest digital asset shed as much as 2.7% on Tuesday, reaching a level last seen in mid-May, before paring some of the drop to trade at $65,266 as of 8:04 a.m. in New York. Smaller tokens such as Ether, Solana and Dogecoin also sank.
Some $600 million was pulled from digital-asset products last week, the most since March, data from CoinShares International Ltd. show. Stubborn inflation has led traders to scale back expectations for Federal Reserve interest-rate cuts this year, posing a challenge for speculative investments such as crypto.
Stocks and bonds have delivered better returns than Bitcoin this quarter, a turnaround from the three months through March, when digital assets outperformed traditional markets by a significant degree.
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View Details»«Crypto is becoming increasingly exposed to macro triggers,» said BTC Markets Pty Chief Executive Officer Caroline Bowler, while
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