Bitcoin slides below $70k as Circle plunges 16%
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- Bitcoin slipped to around $69,600 in early U.S. hours on Tuesday after trading near $71,000 earlier, tracking a broader reversal in risk assets.
- Circle's shares fell 16% after a recent rally that had lifted them more than 100% in a month, leading the decline among digital‑asset stocks.
- Coinbase dropped 8% as crypto‑linked equities were pressured by risk‑off sentiment tied to expectations of Federal Reserve rate hikes.
- Federal Reserve rate‑cut expectations vanished, with CME FedWatch showing zero chance of a cut at the April or June meetings and about a 15% chance of a hike.
- BlackRock’s iShares Bitcoin Trust now dominates U.S. spot bitcoin ETFs, regularly capturing the majority of new inflows despite a 29% YTD decline in bitcoin.
- Fidelity’s Wise Origin Bitcoin Fund similarly attracts most new bitcoin ETF money, leaving smaller funds sidelined as institutional investors consolidate around the industry's largest players.
Why it matters: Circle’s 16% stock plunge and Bitcoin’s dip below $70,000 illustrate how risk‑off sentiment and Fed‑rate‑hike expectations are hurting crypto‑linked equities, while the 4% fall in the iShares Expanded Tech‑Software ETF shows the broader tech‑crypto correlation, leaving investors in stablecoins and tech stocks exposed to heightened downside risk.
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