From Investing.com: 2024-04-29 02:10:15

Bitcoin price dropped 2.5% to $62,314.6 amid negative sentiment for cryptocurrencies due to higher U.S. interest rates and new collateral rules by the DTCC, trading near $60,000-$70,000 range established since March.

DTCC announced it will stop allocating collateral to funds with exposure to Bitcoin and crypto starting April 30, impacting crypto’s appeal as a speculation vehicle.

Fear of higher U.S. interest rates intensified as Bitcoin fell further, with concerns over inflation data impacting crypto market sentiments ahead of the Fed’s decision later in the week.

Altcoins mirrored Bitcoin’s losses, with Ethereum dropping 3.4% to $3,202.01, and XRP and Litecoin losing 3% and 4.5%, respectively. Limited support from tech stock gains suggests a change in correlation between crypto and tech markets.

Read more at Investing.com: slips to $62k amid rate jitters, DTCC headwinds By Investing.com