Bitcoin Falls as it Fails to Sustain Earlier Recovery — Market Talk
Bitcoin falls after failing to sustain a recovery overnight following a rebound in U.S. tech stocks. Receding fears over an artificial intelligence bubble, hopes for a Ukraine peace deal and remarks from Federal Reserve officials leaning towards a December interest-rate cut boosted tech stocks and lifted bitcoin overnight. "Still, the cryptocurrency remains on track for its worst monthly performance since 2022, having lost nearly 20% since the start of the month," Deutsche Bank analysts say in a note. Bitcoin's recent selloff reflects risk aversion, stalled regulatory momentum, institutional outflows, thinning liquidity, profit-taking by long-term holders and reduced rate-cut bets, they say. Bitcoin falls 1.2% to $87,773, according to LSEG. It reached a seven-month low of $80,553 Friday. ([email protected])