Too much too soon? Bitcoin gives up its gains as the U.S. dollar seeks to exit its comedown.
The pair's progress had seen a, which revealed that it had sold 75% of its BTC position at a loss. Macro events then added to Bitcoin's woes in the form of fresh U.S. dollar strength and a surprise rate hike from the European Central Bank to combat inflation.At the time of writing, the U.S. dollar index had regained 107, up 0.6% in an hour as U.S. equities conversely saw modest losses.
In Europe, meanwhile, the ECB decision failed to improve the fortunes of the euro, which gave back early gains as the Eurozone battled fresh political fallout in Italy.
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