Bitcoin hits lowest since September

A sell-off: Representations of cryptocurrencies are placed on US Dollar banknotes. Bitcoin has struggled in recent weeks amid a volatile period for financial markets. — Reuters

The retreat comes after minutes from the Federal Reserve’s December meeting, published Wednesday, flagged the chance of earlier and faster-than-expected rate hikes as well as potential balance-sheet rundown. Bitcoin gained about 60% last year, outperforming other asset classes amid a narrative that included institutional adoption, inflation protection and investment diversification.Spiking inflation is leading central banks to tighten monetary policy, threatening to reduce the liquidity tailwind that lifted a wide range of assets.

The bitcoin hash rate, a measure of the network’s computing power, dropped to 176 million terahashes on Thursday from a record of about 208 million on Jan 1, according to data from Blockchain.com.

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