Bitcoin falls most in a month as markets brace for rising interest rates – The National

Bitcoin falls most in a month as markets brace for rising interest rates – The National

Bitcoin fell for a fourth day as expectations for the biggest rise in US interest rates in three decades diminishes demand for riskier assets.

The correlation coefficient between the Bitcoin and US equities have climbed in the past 90 days as investors grow more risk adverse with the Federal Reserve pulling back on the pandemic era stimulus that is credited for helping to fuel the rise of crypto. Alternative coins such as Ether, XRP and Litecoin fell more than the original digital asset.

Bitcoin fell as low as $42,760 in early Asia trading, dropping below $43,000 for the first time since March 24. It is down about 7.4 per cent this year. The declines in digital assets mirrored a broad equities selloff, with Japan’s Nikkei Index down 1.8 per cent.