Bitcoin Falls to One-Week Low as the 2024 Crypto Revival Stalls

(Bloomberg) — Bitcoin and the broader crypto market retreated on Monday, as some speculators were nervous ahead of a Federal Reserve meeting this week that could signal higher interest rates for longer.

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The largest digital asset fell to a one-week low on Monday and then part of the decline, trading down roughly 2.1% at $62,298 as of 7:34 a.m. in New York.

Smaller tokens such as Ether, BNB and XRP also supported losses.

Depository Trust Company, which provides clearing and clearing services in the United States, said on Friday that crypto-linked ETFs will not be able to obtain collateral value for credit line facilities, raising questions about possible consequences for digital asset markets.

Demand for about a dozen US spot Bitcoin ETFs also continues to decline.

Bitcoin’s advance in 2024 has slowed to 47%, down from 70% in mid-March, when the token reached a record high of almost $74,000.

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