Bitcoin prices drop as much as 3.2 per cent to US$66,604 on Tuesday, before paring the decline
Bitcoin, which has traded like a high-beta tech proxy in recent months, mirrored an earlier move lower in US equities, but failed to keep pace when stocks edged higher.
“Sentiment is clearly bleak in crypto markets,” said Noelle Acheson, author of the Crypto is Macro Now newsletter. “There is strong progress in adoption by traditional institutions, but this is not reflected in overall prices, which depresses sentiment even more.”
