Investors had pulled a net $564 million from the batch of almost a dozen US ETFs on Wednesday, the biggest drawdown since the products debuted in January. The prospect of higher-for-longer interest rates had also weighed on other marketing such as equities.
The drop in Bitcoin from the record of almost $74,000 reached in March showed some worry by traders who âmay see some risk in the global macro environment that the Fed or general investors are not seeing yet,â said Youwei Yang, chief economist and vice president of crypto miner BIT Mining Ltd.
Cryptocurrency values surged above $60,000, reaching its highest point since 2021. Enthusiasts are waiting to see if it can achieve a new record high during the current rally.