Bitcoin Loses Support From Previously Reliable Investment Sources — Market Talk
A new wave of risk aversion and downturn in tech stocks have prompted previously reliable sources of support for bitcoin to flee the cryptocurrency, Tickmill Group's Patrick Munnelly says in a note. Major investment funds, exchange traded fund investors, and corporate treasuries have retreated from bitcoin, taking away a "crucial support pillar for this year's rally and initiating a fresh period of market vulnerability." Remarks from Federal Reserve officials that sounded cautious about further interest-rate cuts have dented risk appetite. Uncertainty over a coming deluge of delayed U.S. official data after the reopening of the government also weighs on sentiment. Bitcoin falls 1.9% to $96,919 after earlier hitting a six-month low of $96,025, LSEG data show. ([email protected])