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.

Prepared by Christopher Adams and reviewed by editorial team.