Bitcoin Rises but Gains Remain Limited

Dow Jones14:46

0646 GMT - Bitcoin rises slightly but struggles for a meaningful recovery as investors balance improving institutional adoption against deteriorating macroeconomic conditions, Zaye Capital Markets analyst Naeem Aslam says in a note. "President Trump's declaration that the U.S. is not negotiating with Iran, alongside warnings that further developments could occur relatively soon, has intensified concerns about Middle Eastern energy supplies." Nevertheless, U.S. spot bitcoin exchange traded funds attracted about $1.08 billion across three sessions, suggesting institutional accumulation has continued, he says. U.S. PMI data at 1345 GMT could help determine bitcoin's moves ahead of the Federal Reserve's October 28 decision, he says. Bitcoin rises 0.7% to $81,738, LSEG data show.

 

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