Bitcoin wobbles as traders await Fed guidance on scope for rate cuts

Bitcoin hovered near the lowest level in about two weeks, sapped by moderating inflows into dedicated exchange-traded funds as well as concerns that the scope for US interest-rate cuts is diminishing.

At the same time, demand has cooled for US spot-Bitcoin ETFs that launched with much fanfare on January 11. The products have garnered a net inflow of $11.6 billion so far but investors pulled cash from the group on Monday. The wider crypto market has lost roughly $420 billion since reaching $2.9 trillion last week, based on data from CoinGecko. Tokens like Ether and BNB, as well as meme-crowd favourite Dogecoin, are all sitting on losses for the period.

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