Bitcoin Held up Better than Other Cryptocurrencies During Sell-Off
Dow Jones15:43
0743 GMT - Bitcoin held up better than its cryptocurrency counterparts during last week's market selloff and it won't take much fresh demand to push prices higher if the macroeconomic environment turns, says Yusuf Fakhro of ARP Digital. Last week, bitcoin fell 1.2%, while ether fell 4% and the S&P 500 fell almost 2%. "This fortnight was a risk-off wobble imported from the broader market, not a crack in the bitcoin story," he says. "Bitcoin held up better than the rest of crypto, the leverage is clean, the sellers are spent, and volatility has compressed to levels that usually precede a larger move," he adds. The flagship cryptocurrency is down 0.5% at $81,475.
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