Bitcoin and other cryptocurrencies were unchanged or mildly higher on Wednesday despite turbulence in wider markets, with a selloff Tuesday on Wall Street. It could be another sign that Bitcoin is boring—or signal pain headed for cryptos.
“Despite the storm in the equity markets, the crypto market remains subdued,” said Alex Kuptsikevich, an analyst at broker FxPro. “Bitcoin is in the period with the lowest volatility in the history of the asset. The crypto market is clearly in a quagmire,” said Kuptsikevich. The stock selloff Tuesday came amid macroeconomic pressures that should be relevant to digital assets. Investors are worried that interest rates will stay higher for longer than once thought, a trend that would add more pressure to stocks and cryptos, which have seen significant declines since last year as the Federal Reserve ramped up borrowing costs. Higher rates are a headwind because when risk-free cash or U.S.
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