Bitcoin Price Tumbles Amidst Asian Stock Sell-Off

Bitcoin's price plummeted by about 2.7% to around $63,200 after the end of the US trading session on Tuesday.

This decline was largely driven by a sharp sell-off in Asian stocks, particularly South Korea's Kospi index, which dropped 10% and reached its lowest level since mid-April.

The pressure on risky assets has increased market volatility, with many investors awaiting the Federal Reserve's rate decision and fresh US economic data for clarity.

According to analysts at Bitfinex, Bitcoin's correlation with stocks is often overestimated, but during periods of macroeconomic stress caused by interest rates, the two tend to move in sync.