Bitcoin Turns Higher After Thursday's Steep Selling
Dow Jones10-23 23:27
1127 ET - Bitcoin is up 0.5% to $81,568, turning around along with the Nasdaq Composite after tech and AI stocks slumped the prior day. While bitcoin has felt that pressure, the fact that it's managed to stay above the $80,000 mark is a point of optimism for cryptocurrency investors, says James Butterfill of CoinShares in a note. "Bitcoin has remained relatively resilient this week despite another bout of volatility across risk assets." Butterfill says that the fundamentals for bitcoin remain mostly balanced, but "a surprise October hike would likely be more disruptive than a well-signalled December move" from the Federal Reserve. The Fed will decide whether to hike or leave interest rates unchanged in its meeting next week.
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