Bitcoin Left out of Tech-Fueled Stock Recovery
By Joseph WilkinsBitcoin remained below $75,000 after failing to participate in a major rebound in U.S. stock markets, as the prospect for further interest rate hikes weighed on investor sentiment.The bellwether cryptocurrency was 0.3% lower at $74,740, having fallen below the $75,000 threshold last week for the first time since August. The digital-assets sector has been hit with a series of setbacks in recent weeks after a record $6.3 billion hack into crypto exchange Binance, as well as the Democratic election sweep that some investors fear could translate into greater scrutiny of the crypto industry.Monday saw a significant tech-stock driven recovery in U.S. equity markets after a bruising selloff last week, but bitcoin failed to capture upward momentum. The S&P 500 rose 2.3%, while the Nasdaq composite added 2.7%. The Dow gained 2.2%, or 1104 points.The likelihood of further interest-rate hikes by the Federal Reserve has also risen in recent days. Over 84% of traders believe the Fed will raise rates in December, according to CME FedWatch. Investors are looking ahead to U.S. consumer price inflation data released Tuesday, which is likely to set the direction of travel for cryptocurrencies this week.Ether was 0.3% lower at $2,120.Write to Joseph Wilkins at [email protected]