Why Bitcoin suffered a $110 billion wipeout despite its best week of Wall Street news in months

Institutional interest continues to grow, but a stronger dollar and shifting interest rate expectations are keeping a lid on the latest rally. What to know : Despite a wave of "crypto-native" wins — like BNY Mellon acting as an ETF custodian and Kraken gaining Fed payment access — Bitcoin is increasingly ignoring positive industry news to follow global trends, such as the U.S. dollar index and interest rates. The same Wall Street adoption the industry spent years chasing has tightly coupled bitcoin with the Nasdaq, leading to a selloff in crypto right alongside tech stocks. While the price is currently stuck in a downward grind, the plumbing of the industry is becoming more robust, with heavyweights like ICE investing in exchanges and the White House encouraging banks to work with the sector.