Rate Jitters Keep Bitcoin Below $60k Amid ETF Outflows

Bitcoin's price remained pinned below $60k on Tuesday as rate jitters and ETF outflows persisted. The world's largest cryptocurrency fell 0.9% to $59,555.3 by 01:45 ET (05:45 GMT). This decline comes amid concerns over rising interest rates, which kept traders averse towards speculative assets like cryptocurrencies.

The U.S. Federal Reserve's hawkish stance during its June meeting raised expectations for at least one rate hike this year. Non-yielding assets like crypto tend to underperform in high-rate environments, increasing the opportunity cost of investing in them.

Investors were also cautious due to ongoing uncertainty over the U.S.-Iran conflict. Despite more talks between the two nations scheduled for this week, Tehran has not committed to negotiations. As a result, risk assets like crypto faced limited capital inflows.