Bitcoin price news: BTC gives up $70,000 level as markets mull higher interest rates
Bitcoin fell below $70,000 as markets anticipate potential interest rate hikes, leading to a crypto stock sell-off.Summary
Bitcoin's price dipped below $70,000 on Tuesday, mirroring a broader downturn in equity markets as investors reassess expectations for interest rate cuts and now price in potential hikes. This shift in sentiment has weighed on risk assets, including cryptocurrencies like Ether, Solana, and XRP, which also experienced declines. The pullback coincides with a reversal in software stocks and is influenced by geopolitical factors, such as talks between the U.S. and Iran. Crypto-related stocks were particularly affected, with Circle (CRCL) plummeting 16% following reports that the latest Clarity Act may limit stablecoin yields, and Coinbase (COIN) dropping 8%. Tether announced an audit by a 'Big Four' accounting firm to bolster trust in its USDT reserves. Market expectations have dramatically shifted from anticipating rate cuts in 2026 to considering rate increases, with a 15% chance of a hike by June, potentially under a new Federal Reserve chair.
(Source：CoinDesk)