Bitcoin Pulls Back After Recent Run-Up — Market Talk

Bitcoin prices are lower after a recent surge bringing prices to $87,000, the highest they've been since January. The crypto token is trading down 0.8% to $85,506, according to data from LSEG. Even so, the mood among investors regarding bitcoin is positive, with traders seeing the timing of bitcoin's jump as a positive sign for demand--which appears to be coming largely from ETFs, says Naeem Aslam of Zaye Capital Markets in a note. "Bitcoin's ability to hold… despite a recent 25-basis-point rate increase and stalled crypto legislation shows that institutional demand is currently offsetting some macro and regulatory headwinds," says Aslam. Ethereum is down 1% to $2,723, XRP slips 0.1% to $1.57, and solana is off 0.8% to $116.98. ([email protected])