Bitcoin Slides to $26.5K Amid Surging U.S. Dollar; Record-High Rates Are ‘Nightmare’ for Crypto Firms

“U.S. equity and rates markets have broken some very key levels on the back of this, and reflexivity can take over with the bearish thesis from here,” the QCP wrote in a Telegram market update. “This macro move could seep into crypto markets and take BTC lower with it, albeit with a lower beta as compared to other very stretched macro markets like the Nasdaq.”