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Bitcoin 'vulnerable to further weakness' as token tumbles amid tech rout
Bitcoin (BTC-USD) dropped more than 4% on Tuesday to hover above $62,000 per token. What's behind the move: The world's largest cryptocurrency sank alongside the overall market as tech stocks fell. Bitcoin's trajectory this week has mostly followed the major averages, particularly the tech sector. "We think Bitcoin's renewed sell-off reflects a combination of: (i) a hawkish shift in the Fed outlook; (ii) record institutional ETF outflows and thinning liquidity," wrote Deutsche Bank strategist Marion Laboure in a note on Tuesday. The token turned lower "as investors seem keen to cut their risk exposure all round," ... (full story)
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- Jun 23, 12:21pm | 4 hr ago Posted byFundamental Analysis49
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