Bitcoin Falls Below $63k Amid Rate Fears
On Wednesday, 24 June 2026, Bitcoin slipped 0.2% to $62,778.2 as of 02:05 ET (06:05 GMT), breaking the psychologically important $63,000 level. The decline extended a week of losses driven by persistent concerns over higher‑for‑longer U.S. interest rates following hawkish signals from the Federal Reserve meeting held the previous week. Investors remained wary after a broad sell‑off in technology and chip‑making stocks, leaving crypto with limited buying interest despite a rotation out of high‑flying tech equities.
The cryptocurrency market continued to trade in a narrow range, hovering just above its annual lows, with few positive catalysts. Spot exchange‑traded funds (ETFs) that track crypto assets experienced their seventh consecutive week of net outflows, although the outflow rate has slowed compared with earlier weeks and shows no sign of turning into inflows. The capital shift has been attributed to growing investor appetite for AI‑exposed equities, which are perceived to have clearer fundamentals than crypto assets.
Bank of America reiterated its “Buy” rating on Coinbase Global Inc (NASDAQ:COIN), arguing that forthcoming U.S. crypto legislation—specifically the proposed CLARITY Act—could serve as a major catalyst for the exchange. BofA highlighted that Coinbase’s recent approval, together with Kalshi, to launch perpetual futures products in the United States positions it to benefit from a global perpetual futures market estimated to be three to four times larger than the spot crypto market. The brokerage suggested that passage of the CLARITY Act would likely boost trading volumes and revenue for Coinbase, especially under a regulatory environment that the Trump administration has signaled will remain supportive of the broader crypto industry. However, legislative progress on the CLARITY Act has stalled in recent weeks amid ongoing disputes between crypto advocates and banking lobbyists over stablecoins and yield‑payment structures.
Altcoin prices also moved lower on the day. Ether (Ethereum) fell 1% to $1,675.73, XRP slipped 0.9%, while Solana and BNB posted modest declines. Cardano experienced a sharper drop of 2.2%, and meme‑coins such as Dogecoin and $TRUMP fell 1.4% and 2.1% respectively.
The article, authored by Ambar Warrick and published by Reuters at 12:18 pm IST, notes that upcoming personal consumption expenditures (PCE) price index data later in the week may provide additional guidance on the trajectory of U.S. monetary policy and its impact on risk‑on assets such as cryptocurrencies.