Bitcoin Trades at Two-Month Low After Worst Month Since FTX

The prospect of higher-for-longer interest rates is weighing on crypto, underlined by deepening Bitcoinlosses after the token’s worst monthly drop since the collapse of Sam Bankman-Fried’s FTX empire in November 2022.

The largest digital assetslumped almost 16% in April as a mania for US spot-Bitcoin exchange-traded funds flatlined after earlier lifting the token to a record high of almost $74,000 in March. Losses continued on Wednesday, with Bitcoin dropping as much as 5.6%.

Crypto prices rebounded briefly, along with equities, on Wednesday as the Federal Reserve said it will shrink its balance sheet at a slower pace ...