Bitcoin risk-reward calculation is being upended by rising rates

Muted reception: A BitRocket cryptocurrency automated teller machine being used in Sydney. Over the last month, the aggregate daily volume for bitcoin has averaged US$1bil, down from US$2.57bil in May 2021 which is nearly a 60% decline. — Bloomberg

NEW YORK: A funny thing happened to bitcoin as interest rates started to rise: trading volumes went way down.

Now market-watchers are grappling with the implications and what a world of less-loose monetary policy means for digital assets.