Bitcoin Stagnates Amid Market Concerns
Bitcoin prices held steady on Wednesday at around $111,580 after recovering from an early-week decline. However, crypto market sentiment remains clouded by caution due to uncertainty over US trade tariffs and the prospect of lower interest rates. Bitcoin briefly fell to a two-month low of around $107,000, down about 12% from its mid-August high.
Safe-haven assets such as gold and the US dollar actually performed stronger this week. Concerns over high debt in developed countries and rising global bond yields have caused investors to shy away from riskier assets, including crypto. This pressure is intensifying ahead of the release of US employment data, which will serve as a benchmark for the Fed's interest rate policy.
MicroStrategy's purchase of 4,048 Bitcoins worth nearly $450 million at the end of August did little to support the price. Despite being known as the corporation with the largest Bitcoin holdings, the purchase failed to fuel a rally as the market remains overshadowed by macroeconomic factors and global sentiment.
Furthermore, the crypto market turmoil was exacerbated by the poor debut of US President Donald Trump's cryptocurrency company, World Liberty Financial, which plummeted at the start of trading. With market conditions fragile and investors awaiting Friday's Nonfarm Payrolls data, Bitcoin is likely to remain cautious in the near term. (ayu)
Source: Newsmaker.id
