Bitcoin Tumbles Below $63k Amid Rate Fears and ETF Outflows

Bitcoin fell on Wednesday, extending this week's losses as continued concerns over high U.S. interest rates and waning investor interest kept cryptocurrency markets largely on the backfoot.

The world's largest crypto fell 0.2% to $62,778.2 by 02:05 ET (06:05 GMT) amid a tight range over the past week.

Pressure on crypto prices also came from continued capital outflows from spot exchange-traded funds, which were now headed for their seventh consecutive week of outflows.

Bank of America reiterated its 'Buy' rating on Coinbase Global Inc (NASDAQ:COIN), saying upcoming U.S. crypto legislation could be a major catalyst for the exchange operator.