Bitcoin touches a 1-month low in a broad crypto market selloff
BNN Bloomberg
Bitcoin touched a one-month low as outflows from digital-asset investment products and the prospect of higher-for-longer U.S. borrowing costs sapped the cryptocurrency market.
The largest digital asset shed as much as 2.7 per cent on Tuesday, reaching a level last seen in mid-May, before paring some of the drop to trade at US$65,530 as of 8:05 a.m. in London. 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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