Bitcoin Plunges Below $63k as Regulatory Delays Offset Rate Cheer

Bitcoin plummeted below $63,000 on Friday as regulatory delays derailed its momentum, offsetting optimism over no imminent interest rate hikes following soft U.S. inflation prints.

The world's largest cryptocurrency fell 1.9% to $62,701.4 by 10:05 ET (14:05 GMT) and was trading down more than 3% this week.

Broader crypto markets also lagged a rebound in risk-driven markets, particularly equities, as cooling rate hike bets and positive tech earnings underpinned artificial intelligence stocks.

The U.S. Securities and Exchange Commission (SEC) is set to delay its planned 'innovation exemption' for tokenized securities due to concerns over the proposal's legal footing and market impact from the White House and Wall Street.