Bitcoin falls to one-week low as the 2024 crypto revival stalls

Smaller tokens such as Ether, BNB and XRP also nursed losses.

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.

© 2024 Bloomberg

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