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Bitcoin drops 5% to again trade below $30,000 as sell-off resumes – CNBC

The moves followed a report that the Securities and Exchange Commission is investigating the possibility that the BNB token, a cryptocurrency issued by Binance, could be categorized as a security.

Bitcoin has lost more than half of its value from an all-time high of $68,982 reached in November.

Cryptocurrencies have been moving in lockstep with equities, which have had a rough year amid fears of rising rates, surging inflation and the risk of a slower economy or outright recession.

Bitcoin faces another hurdle this week with the closely watched consumer price index reading, which is due out Friday.

Some Fed members have said rate hikes could continue past this summer, Yuya Hasegawa, a crypto market analyst at Japanese bitcoin exchange Bitbank, noted.

“How much a 50bp rate hike by the Fed in May could suppress prices is still uncertain,” said Hasegawa.

…Read the full story

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