Bitcoin sank to a two-week low as demand for dedicated US exchange-traded funds dries up and investors question the Federal Reserve’s scope to lower interest rates quickly.
The digital asset has declined almost every day since hitting a record high just shy of $73,798 on March 14, stoking questions about whether the cryptocurrency has peaked for the time being. Bitcoin shed about 4.5% to change hands at $60,900 as of 1:26 p.m. on Wednesday in Singapore.
