Bitcoin Slips Towards $42K as Interest Rates Soar; Chainlink's LINK Defies Crypto Slump

Bitcoin Slips Towards $42K as Interest Rates Soar; Chainlink’s LINK Defies Crypto Slump

Cryptocurrencies slid lower Monday with bitcoin nearing $42,000 as soaring U.S. interest rates amid strong economic data, hawkish Powell weighed on prices. Bitcoin could rise to $70,000 by year-end benefitting from favorable macro environment, Markus Thielen said.

Crypto markets slumped on Monday as U.S. interest rates continued to soar on strong economic data and Federal Reserve Chair Jerome Powell reiterating his hawkish stance from last week.

Bitcoin (BTC), the largest crypto by market capitalization, slipped to $42,200 late Monday from as high as $43,400 earlier in the day. At press time, it was lower by 1.2% over the past 24 hours.

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