Bitcoin dips to $63,018, Ethereum stumbles amid US rate fears
Business
Bitcoin slid to $63,018, marking its lowest point in 11 days.
The drop came as investors worried about possible US interest rate hikes, making riskier assets like crypto less appealing.
Ethereum also stumbled.
US Bitcoin ETFs lost nearly $477 million
The US Federal Reserve is expected to raise interest rates soon, and traders are feeling jittery: there is about a one-in-three chance of the hike going through.
This uncertainty led to big withdrawals from Bitcoin ETFs in the US over three consecutive days, nearly $477 million was pulled out.
Analysts say Bitcoin's next support level is at $62,000, with stronger backing at $60,000 if things get rough.