Bitcoin Falls to Over a Month Low as Risk Appetite Wanes

Bitcoin's record-breaking rally this year showed weakness, falling to a multi-month low amid a lack of new market catalysts. Bitcoin has retreated about 14 percent after reaching an all-time high of nearly $74,000 in March. Expectations of a U.S. interest rate cut have ebbed and flowed, reducing demand for most riskier assets and adding to the market's sluggishness. Cryptocurrencies have been affected by the stock market sell-off, reflecting a decline in global financial risk appetite, said Alex Kuptsikevich, senior market analyst at FxPro. Bitcoin fell as much as 2.4 percent today to $63,442, its lowest level since May 15 and down about 3 percent since Friday.