Bitcoin Price Falls Amid Regulatory Scrutiny and High U.S. Interest Rates

Bitcoin price fell on Thursday as regulatory fears and high U.S. interest rates continued to weigh on the cryptocurrency market. The token dropped 1.7% in the past 24 hours to $61,563.6, struggling to find support amid ongoing pressure.

The concerns over increased U.S. regulatory scrutiny against crypto were highlighted by the news that trading app Robinhood Markets Inc was facing regulatory action from the SEC over the trade of crypto tokens on its platform. This added to the existing cases the SEC has against exchange Coinbase Global Inc and XRP issuer Ripple, shaping the future of cryptocurrencies under U.S. law.

Additionally, the SEC was reportedly investigating Ethereum over its nature as a security, delaying the approval of spot Ethereum ETFs until the investigation is concluded. The market was also facing pressure from major token unlocks and reports of artificial transactions in stablecoins, raising concerns over more regulatory scrutiny.

Altcoins like Ethereum and XRP also saw little relief on Thursday, with traders remaining cautious amid warnings of high U.S. interest rates. The focus is now on upcoming comments from Fed speakers and key U.S. economic data next week, as the crypto market continues to navigate through regulatory challenges and market uncertainties.