Bitcoin slid 2.9% to hit $63,018 on Monday, its lowest price in 11 days, as American equities drifted sideways while Asian markets staged a relief bounce.
Ether had it worse. ETH dropped 4.1% during the same session, underperforming Bitcoin on the downside.
What’s driving the selloff
Markets are pricing in the possibility of Federal Reserve rate hikes at a time when oil prices have pushed past $100 per barrel on the back of geopolitical tensions in the Middle East.
Concerns about reduced AI and technology spending, amplified after Alphabet’s recent earnings report, dragged the Nasdaq Composite lower.
