NEW YORK - 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% on Tuesday and was trading at about US$65,300 as of 10.26am in Singapore. Smaller tokens such as Ether, Solana and Dogecoin posted heavier losses.
Some $600 million was pulled from digital-asset products last week, the most since March, data from CoinShares International Ltd show.
Stubborn inflation has led traders to scale back expectations for the United States Federal Reserve (Fed) 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 through March, when digital assets outperformed traditional markets by a significant degree.