Bitcoin Slides Past $70,000 as Risk-Off Mood Pressures Crypto — Market Talk
Bitcoin tumbles past $70,000, hitting its lowest level in nearly three months as rate-hike bets and risk-off sentiment pressure cryptocurrencies. Bitcoin fell as much as 4% as bears took control. The selloff spread across crypto, with Ethereum crashing past the closely watched $2,000 level, also around three-month lows. Sentiment soured this week as hot U.S. inflation data pumped up expectations of Fed rate hikes. Many other central banks are also expected to tighten, dimming the appeal of non-yielding assets. Bitcoin's fall partly reflects the broader retreat from risk and correlation with tech stocks, says Nic Puckrin, founder of Coin Bureau. ETF outflows and other crypto-specific pressures, namely that MSCI confirmed it is removing Strategy from its indexes, are also weighing. ([email protected])