Bitcoin Gains but Price Weakness Persists

Dow Jones09:39

0139 GMT - Bitcoin regains ground in Asia trade after falling last week in the market turmoil sparked by the U.S. midterms. The AI stock rout, worries about regulation and Middle East uncertainty have hurt sentiment. Strong U.S. jobs data firming rate-hike expectations added to the pressure, though an end-of-week rally in tech lent support. Still, the cryptocurrency market retains its consistent pattern of weakness, says Julian Pineda at StoneX. Only a handful of currencies have managed convincing stability in recent sessions, as the absence of steady demand allows selling pressure to regain control, he says. Unless Bitcoin generates price action capable of improving broader confidence, weakness may persist. Bitcoin is up 0.9% at $74,736, off last week's highs around $80,000.

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