BITCOIN slid to a one-month low as outflows from digital-asset investment products and the prospect of higher-for-longer US borrowing costs sapped the cryptocurrency market.
The largest digital asset at one point fell as much as 2.7 per cent on Tuesday (Jun 18) and was trading at about US$65,300 as at 10:26 am in Singapore. Smaller tokens such as Ether, Solana and Dogecoin posted heavier losses.
Some US$600 million was pulled from digital-asset products last week, the most since March, data from CoinShares International show. Stubborn inflation has led traders to scale back expectations for Federal Reserve interest-rate cuts this year, posing a challenge for speculative investments such as crypto.
Stocks and bonds have delivered better returns than Bitcoin this quarter, a turnaround from the three months to March, when digital assets outperformed traditional markets by a significant degree. BLOOMBERG
