Bitcoin Chops Around $64K, With Japanese Yen's Tumble Maybe Signaling 'Currency Turmoil,' Analyst Says
Submitted by Anonymous (not verified) on Fri, 04/26/2024 - 22:30The yen's volatile episode may spread to other fiat currencies as U.S.
The yen's volatile episode may spread to other fiat currencies as U.S.
Increasing concerns about sticky inflation hit risk assets across all markets including cryptos.
Crypto-focused stocks also bounced higher, led by bitcoin miners Riot Platforms and Hut 8.
Large bitcoin investors haven't started to buy the dip yet, suggesting that the correction may continue for a while, an LMAX Group strategist noted
Bitcoin has also given up some of its early Monday bounce, returning down to the $64,000 level.
Investors may expect market weakness due to the tax season, Ryze Labs said in a report.
Major U.S. equity indices closed the day lower as faster CPI reading for March, will BTC was up 1%.
Bitcoin is showing resilience despite the slip, but the corrective period might continue for a while before a return to growth, one observer noted.
The rally was broad-based, with SOL and AVAX advancing nearly 10% over the past 24 hours.
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