Singapore: Bitcoin falls as Fed hike fears grow
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Bitcoin fell in early Asia trading on Tuesday, sliding as much as 2.3% to US$63,414 by 9 a.m. in Singapore, its lowest level in 11 days, as investors weighed the risk of higher US interest rates. Ether dropped about 3.6%. Citadel Securities expects the US Federal Reserve to raise rates by a quarter point on Wednesday, a move traders currently assign roughly a one-in-three probability. Rising borrowing costs typically pressure risk assets, including cryptocurrencies. The decline comes after modest bitcoin gains over the past month and follows more than US$465 million of outflows from US-listed bitcoin ETFs on July 23–24.
More context
Timeline
- October 2023 Bitcoin peaks near US$126,000 record
- Past month Bitcoin posts modest recovery gains
- July 23 2026 US-listed bitcoin ETFs see heavy outflows
- July 24 2026 ETF outflows break inflow streak
- Last week Citadel signals possible Fed rate increase
- Tuesday morning Bitcoin hits 11-day intraday low
- Wednesday Fed decision on possible quarter-point hike
- Near term Analysts highlight US$60,000 support zone
Why it matters
If you own Bitcoin or other cryptocurrencies, be aware. A potential US Federal Reserve rate hike could affect their value. Keep an eye on the Fed's decision Wednesday. If you're considering investing, note the US$60,000 support zone.
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