The largest digital currency fell as much as 8.4% to $36,639, the biggest intraday drop since April 11.
“The market still needs to digest the impact of tighter monetary policy on all risk assets and crypto might take a hit as correlations” with U.S.
The U.S.
Still, in this higher-rate environment, Bitcoin hasn’t been able to break out in any meaningful way beyond its highs at the start of the year.
The “technical picture in BTC remains poor, in spite of a less hawkish Powell, BTC failed to regain 40,000, hence this pull back.” said Teong Hng, chief executive of Hong Kong-based crypto investment firm Satori Research.
Investors yanked roughly $120 million from crypto products last week, bringing total outflows over the past four weeks to $339 million, according to data tracked by fund provider CoinShares.