Bitcoin sank back into the doldrums of a one-month-old trading range between $19,000 and $22,000, part of a wider cryptocurrency selloff.
The largest digital token fell as much as 4.3% on Monday and was exchanging hands at $21,820 as of 12:15 p.m. in Singapore. Second-ranked Ether and smaller virtual coins like Avalanche and Solana nursed larger declines.
The past two rate increases by the US central bank ended up sapping market sentiment. Poor earnings could also drag down tech shares and Bitcoin given the correlation between the two. The digital-asset sector has begun to clean up the wreckage of a leveraged speculative binge that found its comeuppance in a Fed determined to tighten monetary settings to slay runaway inflation.
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