Bitcoin and other cryptocurrencies edged lower Friday but remained near their recent peak, little shaken by a selloff earlier in the week. The pattern of dips—and dip-buying—may bode well for the overall momentum in digital assets.
The price of Bitcoin has shed less than 1% over the past 24 hours to $42,750, having earlier traded as high as above $43,000—still shy of the largest digital asset’s 20-month high above $44,000 notched a week ago. Bitcoin has rallied by more than 50% in two months but continues to exhibit volatile…
and other cryptocurrencies edged lower Friday but remained near their recent peak, little shaken by a selloff earlier in the week. The pattern of dips—and dip-buying—may bode well for the overall momentum in digital assets.
The price of Bitcoin has shed less than 1% over the past 24 hours to $42,750, having earlier traded as high as above $43,000—still shy of the largest digital asset’s 20-month high above $44,000 notched a week ago. Bitcoin has rallied by more than 50% in two months but continues to exhibit volatile swings within its trend, selling off to below $41,000 earlier this week before bouncing back.
“It’s clear that Bitcoin is in a bullish uptrend. Dips are not pulling back nearly as substantially as expected following big rallies. The dips are instead getting bought up by what appears to be large-scale buyers,” said Bob Ras, co-founder of the digital asset exchange Sologenic. “This most recent long liquidation briefly shook the market, yes, but then a consolidation took hold and it appears now that we are again experiencing strong upwards momentum.”
Traders continue to anticipate that U.S. regulators will soon approve the first spot Bitcoin exchange-traded fund (ETF), possibly ushering in a fresh wave of investor interest in cryptos—but that’s not the only factor boosting crypto prices. The macro backdrop for risk assets has also helped, especially expectations that the Federal Reserve will cut interest rates multiple times next year—with Bitcoin gaining with the
and
after the latest Fed meeting.
Beyond Bitcoin,
—the second-largest crypto—fell 1% to $2,270. Smaller tokens or altcoins were weaker, with
and
each sliding 3%. Memecoins were more muted, with
and
shedding 1% each.
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Write to Jack Denton at jack.denton@barrons.com
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