Bitcoin, Ether Continue to Absorb Selling Pressure

Dow Jones10-13 17:23

0923 GMT - Bitcoin and ether recover as declines overnight quickly attracted buyers, LMAX Group's Joel Kruger says in a note. Despite a challenging macroeconomic backdrop, the crypto market "continues to absorb selling pressure without allowing weakness to gain momentum." Crypto's ability to withstand setbacks suggest underlying demand is becoming more durable, he says. Middle East tensions and energy supply risks persist but easing Treasury yields and a softer dollar reduce pressure on digital assets, he says. Regulatory progress also continues with the Securities and Exchange Commission's proposed crypto custody reforms and the Commodity Futures Trading Commission's proposed framework for certain crypto trading venues. Bitcoin rises 1.0% to $83,860 and ether gains 0.6% to $2,531, LSEG data show.

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