Bitcoin falls below $66,000 as rising macro risks weigh on the market

Due to concerns over credit stress, a higher-than-expected U.S. January Producer Price Index (PPI), and escalating tensions between the U.S. and Iran, investor risk aversion has intensified. Bitcoin has fallen below $66,000, erasing most of its mid-week gains. Major cryptocurrencies and related stocks have declined along with the overall market risk-off sentiment, while widening credit spreads and a sharp drop in private equity firms have further heightened concerns over credit stress.