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The decreased Bitcoin price to its lowest level in a month due to the exit of investments from digital asset products, and the possibility of higher US borrowing costs for a longer period, which weakened the market of Cryptocurrencies.
At its lowest level, the largest digital asset fell 2.7% on Tuesday, and was trading at around $65,300 by 10:26 am Singapore time. Smaller digital currencies such as Ethereum, Solana, and Dogecoin recorded greater losses.
About $600 million was withdrawn from digital asset products last week, the largest amount since March, data from CoinShares International Ltd shows with $65.3 million attributed to the United States Secret Service selling wave that went to loss. Stubborn inflation has prompted traders to reduce their expectations for interest rate cuts by the Federal Reserve this year, posing a challenge for investments directed into speculative assets such as cryptocurrencies.
Stocks and bonds delivered better returns than bitcoin this quarter, a turnaround compared to the three months through March, when the digital asset significantly outperformed traditional markets.
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