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Bitcoin Falls to One-Week Low as the 2024 Crypto Revival Stalls - BLOOMBERG
BY , Bloomberg News
, Bloomberg
(Bloomberg) -- Bitcoin and the wider crypto market retreated on Monday, with some speculators on edge ahead of a Federal Reserve meeting this week that may point to higher-for-longer interest rates.
- The largest digital asset dropped to a one-week low at one point on Monday before paring some of the decline to trade roughly 2% lower at $62,505 as of 12:30 p.m. in Singapore.
- Smaller tokens such as Ether, BNB and XRP also nursed losses.
- The Depository Trust Company — which provides settlement and clearing services in the US — on Friday said crypto-linked ETFs won’t get collateral value for line-of-credit facilities, stoking questions about any potential implications for digital-asset markets.
- Demand for about a dozen US spot-Bitcoin ETFs also continues to moderate.
- Bitcoin’s 2024 advance has moderated to about 47% from more than 70% in mid-March, when the token hit a record of almost $74,000.
