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Bitcoin and altcoins lose more ground after comments from the Federal Reserve suggest that the regime of interest rate hikes could continue into 2024.
Bitcoin and altcoins perked up today, but is this rally nothing more than an oversold bounce?
Rising interest rates, delayed Bitcoin ETFs, global financial turmoil and other regulatory pressures are contributing to the crypto market’s underperformance.
The argument that BlackRock gains from cheaper Bitcoin for its ETF launch isn’t straightforward, and neither is the idea that the government is suppressing BTC’s price.
The liquidation event saw one trader lose $55.9 million, while another saw $10 million worth of hedged positions get liquidated.
A spokesperson said the move came in response to ‘changing market and user needs.’
Bitcoin is due to offer nothing beyond “classic weekend chop,” signs of change on BTC price charts continue to flow in.
After the Aug. 11 Bitcoin ETF decision delay, BTC’s boring price action looks set to carry on through the weekend.
Binance has been experimenting with relatively lesser-known stablecoins after a pause on BUSD.
According to CoinGecko, nearly $85 billion worth of crypto falls under the category of “alleged SEC securities.”
