Enquires@newsofbitcoin.com
Bitcoin and other cryptocurrencies edged lower Wednesday as a rebound across digital assets faltered at key price levels. It will take broader market catalysts this week—or support from new Bitcoin funds—to put record highs back on the radar.
The price of Bitcoin has fallen 1% over the past 24 hours to $69,800, with the largest digital asset hovering near the psychologically important $70,000 level. Bitcoin hit an all-time high near $74,000 two weeks ago before cryptos suffered a volatile correction that pushed prices as far…
and other cryptocurrencies edged lower Wednesday as a rebound across digital assets faltered at key price levels. It will take broader market catalysts this week—or support from new Bitcoin funds—to put record highs back on the radar.
The price of Bitcoin has fallen 1% over the past 24 hours to $69,800, with the largest digital asset hovering near the psychologically important $70,000 level. Bitcoin hit an all-time high near $74,000 two weeks ago before cryptos suffered a volatile correction that pushed prices as far down as the $60,000 zone before a rebound that gained steam on Monday. While prices topped $71,000 on Tuesday, that rebound has since faltered.
Bitcoin continues to benefit from demand from spot Bitcoin exchange-traded funds (ETFs), which were approved in the U.S. in January. These funds have seen record inflows, ushering in a fresh wave of investor interest in cryptos responsible for Bitcoin’s 60% rally so far this year. The so-called halving is another support for Bitcoin, with the issuance of new tokens set to be cut in half next month, tightening supply at a time when demand has been rising.
Short of a surge of new inflows into the spot ETFs, it will likely take a wider market catalyst to spur another big move in Bitcoin, as cryptos have shown themselves to be correlated to broader risk sentiment and action in equities. Bitcoin may attract the attention of traders more than the
and
amid a relatively quiet week, especially on Friday, when key U.S. inflation data are released and the stock market is closed for Easter.
Beyond Bitcoin,
—the second-largest crypto by market value—fell 2% to $3,550. Smaller tokens or altcoins were weaker, with
and
down 4% each. Memecoins were more buoyant, with
up 2% and
advancing 3%.
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Write to Jack Denton at jack.denton@barrons.com
Read More: Bitcoin Struggles Around $70,000. What Will It Take for Another Big Move in Cryptos?
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