Bitcoin, the world’s largest cryptocurrency by market value, dropped just below the $26,000 mark on Wednesday after trading in a tight range over the past 24 hours and hitting a weekly low of $25,500. The cryptocurrency rebounded slightly from the low, but remains down 9% over the last seven days as markets await developments from the central bankers’ meeting at Jackson Hole on Friday. “It is possible that any semblance of dovishness from Jay Powell on Friday could help inspire a recovery. Beyond that, we also have a potential ruling in the Grayscale case to look forward to,” Sean Farrell, head of digital asset strategy at Fundstrat, wrote in a note. Farrell said he thinks the market is closer to a local bottom rather than top, given the absence of industry-specific catalysts and a decline in liquidity.
Related posts
-
German Government Liquidates $741M in Bitcoin Holdings
Ten hours ago, the German government’s bitcoin wallets transferred 1,205 BTC to various parties. At 7:40... -
Republican National Committee pledges to ‘defend the right to mine Bitcoin’
The Republican National Committee (RNC) just adopted a platform that plans to boost crypto mining and... -
Bitcoin Analyst Thinks Prices Must First Breach $50,000 Before Rallying
Bitcoin flash crashed on July 4 and 5, extending losses from all-time highs to about 30%....