Bitcoin Falls Amid Lower Strategy Demand, Stalled U.S. Crypto Bill

Dow Jones12:10

0410 GMT - Bitcoin falls in Asian trading. The cryptocurrency was range-bound after the Fed kept rates unchanged, in line with market expectations, CoinMarketCap analyst Ray Salmond says. However, Strategy, the largest corporate holder of bitcoin, has signaled openness to increase U.S. dollar reserves, with proceeds from coming fundraising unlikely to go toward buying digital currency. That reinforces the view that a key source of bitcoin demand has effectively paused, Salmond adds. Meanwhile, efforts to advance U.S. crypto regulation bill Clarity Act, which is advocated by pro-crypto groups and Wall Street, appear to have stalled amid unresolved issues around ethics and consumer protection. Still, the analyst says the broader market structure for cryptocurrencies continues to improve. Bitcoin is down 1.0% at $62,814.37.

At the request of the copyright holder, you need to log in to view this content

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment