$BTC has regained a bit since last week, but still appears on track for its first monthly loss since December. Against $ETH, bitcoin looks set for a monthly decline of nearly 7%, CoinDesk data show.
) has regained some poise since last Thursday, but the cryptocurrency still appears on track for its first monthly loss since December.
The renewed hawkish Fed bets have given a boost to the U.S. dollar this month, lifting the greenback by 2.7% against a basket of fiat currencies, including the euro. Bitcoin tends to move in the opposite direction of the dollar.persevered this month "We can assume that the liquidity wave of lower inflation has now run its course and the market needs a new driver and theme to lift prices higher," Markus Thielen, head of research and strategy at crypto services provider Matrixport, said."The tech sector tends to be correlated with BTC, but the former has found new life with the AI and Chat GPT revolution, which is not benefiting BTC yet.
"In a high-interest rate environment, high risk-free returns such as money market funds are more attractive to investors, which means the lack of liquidity in the crypto market continues," Ardern said.
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