PiCK
[Market] Bitcoin gives up $68,000… “Stronger dollar and rate uncertainty dampen risk appetite”
Summary
- Bitcoin (BTC) climbed as high as $74,000 earlier this week but has fallen to $67,877.
- Geopolitical risks stemming from the Middle East war, a stronger dollar, and concerns over delayed rate cuts have dampened risk appetite toward risk assets.
- At current prices, about 43% of Bitcoin’s total supply is in losses, which is weighing on sentiment.
Forecast Trend Report by Period
Bitcoin (BTC) weakness is extending into the weekend. The pullback is seen as driven by risk appetite retreating amid geopolitical risks stemming from the Middle East war and a stronger dollar.
As of 3:30 a.m. on the 7th (KST), Bitcoin is trading on Binance at $67,877, down 3.66% from the previous day. Bitcoin rose as high as $74,000 earlier this week, but later gave back most of those gains as profit-taking emerged.
Major altcoins also declined in tandem. Ethereum (ETH) and XRP (XRP) fell 4.54% and 2.44%, respectively, from the previous day. Moreover, all altcoins in the top 10 by market capitalization—including Binance Coin (BNB), Solana (SOL), and Dogecoin (DOGE)—are showing weakness.
CoinDesk said, “The dollar posted its biggest weekly gain in a year on rising energy prices, renewed concerns about inflation reaccelerating, and delays in rate cuts by the Federal Reserve (Fed),” adding that “the macro backdrop surrounding Bitcoin prices is weighing on risk appetite.”
At current prices, about 43% of Bitcoin’s total supply is estimated to be in losses.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
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