Bitcoin Drops More Than 4% on Hawkish Fed Rhetoric, US Clampdown

Bitcoin fell the most in about a week as hawkish rhetoric from Federal Reserve officials and further signs of an aggressive US regulatory clampdown spread caution.

The largest digital token dropped to 4.2% and traded under $24,000 at 7:55 a.m. on Friday in Singapore. Smaller chips like ether, polkadot and avalanche have also retreated. 

Securities and the foreign exchange commission have continued the company behind terrausd in the final regulatory stage in us. Terrausd was a stablecoin the collapse of which last year triggered an industrial crisis and a cascade of highly publicised bankruptcies.  

Meanwhile, two of the Federal Reserve's most belligerent policy makers have indicated that they could help bring interest rates back to higher levels in the future. These comments have undermined the risk appetite in global markets and led to higher Treasury yields.