Bitcoin Drops 7.5% Amid Broader Crypto Sell-Off Driven by Rising Yields, Stronger Dollar

• Bitcoin dropped nearly 7.5%, its biggest intraday decline in weeks, trading around $65,400

• The drop comes as speculative assets like crypto sell off amid cooling demand for Bitcoin ETFs, less expected Fed rate cuts, rising Treasury yields and a stronger dollar

• Bitcoin has fallen 10% from its mid-March peak of nearly $74,000 as daily inflows into Bitcoin ETFs ease after accumulating $12 billion since January

• The changed Fed rate cut outlook is negatively impacting crypto, especially major gainers over the last 6 months like meme tokens

• Bitcoin's supply is set to halve this month, which some see as a price prop, but others think further major gains will be hard given Bitcoin is already up 4x in 2023