Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.
Bitcoin mining stocks also suffered, but one outlier was TeraWulf , which recently pivoted to high-performance computing to power artificial intelligence data centers. It's higher by 12% on Monday.
Checking possible catalysts for today's action, one need look no further than the recent price movement: bitcoin had risen in near-continuous fashion since dipping to just under $60,000 eleven days ago – a modest reversal was surely in the cards at some point. There's also been a sharp rise in interest rates across Western economies on Monday, among them 10 basis point gains in both the U.S. 10-year Treasury yield and the German 10-year Bund yield.
Zooming out a bit further, bitcoin – for the moment – remains in the same flat-to-down price channel its been in since recording a record high of $73,700 more than seven months ago. Prior to today, the most recent challenge of the $70,000 level was in late July. It too failed and bitcoin had sunk to under $52,000 days later.
"Wouldn't be unreasonable to get another HL potentially with a sweep of $66K, probably where the next opportunity is," well-followed analyst Skew. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets.
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