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Bitcoin Tumbles To 3-Month Low As Dollar Highlights Risk Aversion

by WOOWinvest
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Bitcoin Tumbles To 3-Month Low As Dollar Highlights Risk Aversion

Bitcoin prices slumped to a three-month low in overnight trading as global markets retreated from risky assets ahead of an active week for central bank rate decisions and another move higher for the US dollar.

With the Federal Reserve expected to boost its key Fed Funds rate by 75 basis points on Wednesday, marking its third outsized hike in succession, and policymakers at the Bank of England, Swiss National Bank and Bank of Japan expected to either follow with increases or echo the hawkish rhetoric, fiat currencies are outpacing gains in crypto as markets become increasingly risk-averse.

Reports of increased scrutiny of FTX have also added to the sector’s recent gloom, with London’s Financial Times noting that the UK’s Financial Conduct Authority has issued a warning to the crypto exchange operator for providing services without proper authorization.

“Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorized or registered by us,” the FCA said in a statement. “This firm is not authorized by us and is targeting people in the UK.”

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Bitcoin prices were last seen 5.2% lower on the session at $18,407.20 each, a move that extends its year-to-date decline to around 61.4%.

Either prices were also on the move, falling 3.3% to a two-month low of $1,2910.18 each following last week’s ‘merge’ of two blockchains that underpin the world’s second-largest digital token.

The US dollar index was marked 0.25% higher in early Monday trading, and within touching distance of its recent 20-year high, to change hands at 110.095 against a basket of six global peer currencies, marking the greenback’s year-to-date gain at around 14.7%.

Coinbase Global (COINS) shares were marked 5.66% lower in pre-market trading to indicate an opening bell price of $69.81 each while Robinhood Markets (HEAD) shares were down 0.6% at $10.19 each.

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