Cryptocurrencies
Bitcoin Drops Most in a Month as Markets Turn Risk-Averse
- Bitcoin mirrors stock drop while rate expectations rise
- Altcoins such as Cardano and Solana decline more than Bitcoin
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Bitcoin fell for a fourth day as expectations for the biggest rise in U.S. interest rates in three decades diminishes demand for riskier assets.
The correlation coefficient between the Bitcoin and U.S. equities have climbed in the past 90 days as investors grow more risk adverse with the Federal Reserve pulling back on the pandemic era stimulus that is credited for helping to fuel the rise of crypto. Alternative coins such as Ether, XRP and Litecoin also fell.