Cryptocurrency futures were down early Tuesday morning.
Bitcoin was hovering close to $41,800 per coin (-0.26%), while rival Ethereum stood at $3,109 (-1.55%) and Dogecoin was posting at 0.14 cents (-4.93), respectively.
Remote work and a surge of wealth created by cryptocurrency are fueling demand for luxury homes, according to a report.
The luxury real estate boom is being made possible thanks to low interest rates, record-high levels of inflation, and fat bonuses, according to a report by Sotheby’s International Realty.
This combination of factors “make investing in a concrete, fixed asset like real estate attractive to many as they balance their portfolios,” Bradley Nelson, Sotheby’s chief marketing officer, told Bloomberg.
Last week, crypto prices fell for six straight days after recently released Fed minutes revealed policymakers had discussed aggressive interest rate hikes alongside a faster pace to normalize its balance sheet, Coindesk reported.
“The tightening of financial conditions is expected to negatively impact risk assets such as equities and crypto as they become less attractive than safe-haven bonds,” crypto trading data firm Kaiko wrote in its weekly newsletter on Monday.