Bitcoin was wavering around the $90,000 level early Thursday but don’t be fooled—the volatility could return very soon.
The world’s largest cryptocurrency was trading at $89,351, up around 1% over the past 24 hours, according to data from CoinDesk, but down from as high as $92,800 earlier in the day. The digital asset has been on a wild ride recently, slumping from $99,000 less than two weeks ago to as low as $78,000.
Crypto stocks dropped in morning trading. TeraWulf fell 9%; Riot Platforms fell 8%; Hut 8 fell 7%; CleanSpark fell 5%; Strategy and Coinbase fell 2%; MARA Holdings fell 1%.
Cryptocurrencies have largely moved in tandem with the stock market, falling as investors have moved away from riskier assets. However, crypto-specific factors have also played a part, particularly President Donald Trump’s announcement of a strategic crypto reserve, which briefly caused a comeback.
Events at the White House could move Bitcoin and other cryptocurrencies again when Trump hosts a crypto summit Friday. More details about the national reserve are expected, while there could be other surprise announcements.
“[The] summit could help improve regulatory guidance, bringing more stability to the market,” Kudotrade analyst Konstantinos Chrysikos said. “However, a lack of direction could deepen uncertainty and volatility.”
Broader market sentiment could still dictate where Bitcoin goes next, though, especially if there is news about Trump’s tariffs and other countries’ response to them.
Comments