Bitcoin Tumbles Below $64K as Fed Hike Fears Intensify

Bitcoin's price has fallen below $64,000 as investors react to rising expectations for tighter U.S. monetary policy and a sharp selloff in Asian technology stocks.

The cryptocurrency dropped as much as 2.3% to around $63,368 during early Asian trading on July 28 before recovering modestly, according to Brave New Coin data.

Citadel Securities has forecast that the Federal Reserve could deliver a surprise 25-basis-point rate hike to reinforce its anti-inflation stance and reduce reliance on forward guidance.

The expected interest rate increase is creating a more challenging environment for assets like Bitcoin, as higher borrowing costs can pressure risk-sensitive investments while tightening financial conditions.