Bitcoin Tumbles Below $64K Amid Fed Rate-Hike Fears

Bitcoin (BTC) saw a sharp decline on July 28, dropping below $64,000 as investors reacted to rising expectations for tighter U.S. monetary policy and a selloff in Asian technology stocks.

The cryptocurrency fell as much as 2.3% to around $63,368 during early Asian trading, its lowest level in 11 days, before recovering modestly. Ether and other major cryptocurrencies also declined as the broader market moved into risk-off mode.

Citadel Securities' contrarian forecast that the Fed could deliver a surprise 25-basis-point rate hike to reinforce its anti-inflation stance has added to concerns about higher borrowing costs potentially putting pressure on risk-sensitive assets like Bitcoin.