Bitcoin Bounces From Low, Appetite Still Weak
Bitcoin recovered from its overnight low as some investors increased their buying pressure. However, the digital asset appeared shaky after the U.S. dollar in the aftermath of the clash in the White House on Friday.
The leading cryptocurrency was trading above $85.5K on Sunday, up almost 1% on the last day but still down by a fifth of its value on a monthly spectrum.
It was also far below its peak of over $109,000, which was reached in mid-January. Investors are pulling away from riskier assets, such as major cryptocurrencies, due to concerns about inflation spikes, an impending global trade war sparked by tariffs imposed by the Trump administration, and other macroeconomic uncertainties. The Bybit cryptocurrency exchange hacked last Friday for a record $1.4 billion, melted buying appetite.
There has been a significant decline in major digital assets over the past month. Ethereum, the second-largest cryptocurrency by market capitalization, and its rival Solana, the sixth-largest, have dropped 28 and 36 percent, respectively. Additionally, meme coins, which contributed to a spike in value earlier in the year, have seen a significant part of their valuations wiped off.
Bitcoin experienced a weekly loss of 11 percent after falling below the 200-day simple moving average. For the first time since November 10, prices briefly dropped below the $80,000 mark as new concerns regarding the U. S. desire for the U. S. Trade tariffs caused the dollar to rise.
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