Bitcoin Edges up but Stays Range-Bound

Dow Jones13:03

0503 GMT - Bitcoin edges up but is struggling to break out of its recent range below the $80,000 mark, as global yields' grim march higher keeps risk-off sentiment intact. Current market conditions aren't looking favorable for crypto: The bond selloff is raising an alarm about debt sustainability, and higher energy prices are fanning inflation worries. All these points to a higher-rate environment that dims the appeal of non-traditional assets. On a positive note, institutional demand for Bitcoin has shown resilience, says Milad Azar at XTB MENA. A sustained streak of ETF inflows could underpin the market, while major buyer Strategy's resumption of Bitcoin purchases after a prolonged pause supports sentiment. Inflation data, central bank meetings and crypto legislation progress in the U.S. will remain on the radar. Bitcoin is up 0.2% at $77,581.

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