Investing.com — Bitcoin edged lower on Tuesday, remaining pinned near its weakest levels for the year as concerns over rising interest rates kept traders averse towards speculative assets like cryptocurrencies. The world’s largest cryptocurrency was also on track for consecutive quarterly losses for the first time since Q4 2022.
remained under continued pressure from sustained institutional selling in spot exchange-traded funds as well, which extended into an eighth consecutive week. The crypto was last down 2.9% to $58,628.7 by 18:00 ET (22:00 GMT). For Q2, it was down 14.1% so far.
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Rate hike jitters, Iran uncertainty keep crypto markets under pressure
Bitcoin’s losses intensified over the past week after the Federal Reserve struck a hawkish chord during its June meeting, raising expectations for at least one rate hike this year.
The development added to pressure on crypto markets, given that non-yielding, speculative assets like crypto tend to underperform in high-rate environments. Rising yields and rates increase the opportunity cost of investing in crypto.
Investors were also seen growing more picky with risk assets amid continued uncertainty over the U.S.-Iran conflict. While the U.S. said it was due for more talks with Iran this week, Tehran said it had not committed to any negotiations.
Artificial intelligence stocks remained a preferred play for speculative trades, amid continued confidence that the sector will drive strong gains in technology over the coming months.
Recent losses in AI stocks also attracted bargain buyers, leaving crypto with limited capital inflows.
Bitcoin ETF outflows see little relief
Investors continued to dump spot Bitcoin exchange-traded funds on Monday, with sustained capital outflows now entering their eighth consecutive week.
Spot ETFs saw an outflow of $231.1 million on Monday, bringing total outflows so far in June to $4.3 billion, data from SoSoValue showed.
Bitcoin ETFs were nursing total outflows of about $6.7 billion since end-April, amid rapidly cooling investor appetite for crypto. A lack of clear progress in a major U.S. regulatory bill, the CLARITY Act, also weighed.
Crypto firms said to have spent $189 million to sway 2026 midterms
Cryptocurrency firms have poured $189 million into efforts to sway the 2026 U.S. midterm elections, already surpassing what they spent in the previous cycle, according to a new report from consumer advocacy group Public Citizen.
The industry now accounts for more than a third of all corporate political spending tied to this year’s primary and general elections, cementing its position as the largest corporate spender in U.S. politics, the report found.
Crypto held that same title in 2024, when it spent $170 million backing congressional candidates—the majority of whom went on to win.
Venture capital firm Andreessen Horowitz led the list of contributors this cycle, followed by Ripple Labs, Foris DAX—affiliated with Crypto.com—and Coinbase. The four companies were the largest donors to political action committees pushing industry-friendly policy.
Fairshake, the leading super PAC backing pro-crypto candidates, has taken in $82 million in donations so far this cycle, according to Public Citizen.
Crypto price today: altcoins mostly lower, ETH slumps 25% for Q2
Broader crypto prices were largely to the downside on Tuesday, tracking Bitcoin, and a majority of altcoins were also nursing deep losses for the quarter.
World no.2 crypto slipped 3% to $1,571.41, and was set for a more than 25% slide for Q2.
fell 2.3%, while shed 3%. and lost 2.2% and 2.8%, respectively.
Among memecoins, was down 2.5%, and 1.6%.
Vahid Karaahmetovic and Anuron Mitra contributed to this article
