Bitcoin Price Falls Below $60K as Higher Interest Rates Bode Poorly for Crypto

Bitcoin remained below the crucial $60,000 level on Friday and was on track for its worst weekly performance in three months. The price of BTC slipped 0.5% to $59,846.7 by 17:30 ET (21:30 GMT), down more than 7% for the week.

The broader sell-down in risk-driven assets, specifically equities, kept traders cautious towards speculative plays like cryptocurrencies. This was compounded by growing anxiety over higher U.S. interest rates and a storm of uncertainties and headwinds.

Sport Bitcoin ETFs clocked their seventh straight week of outflows, with investors steadily pivoting out of crypto amid weakening institutional and retail appetite. The sector has struggled to compete with artificial intelligence stocks, which have vastly outpaced crypto in recent years.