Roman Costa Seca / Hans Lucas / AFP
Bitcoin bounced back. a bit.
The major currencies have recently traded around $84,000, surpassing the price below the $77,000 seen late last week, which was close to pre-election levels, but slightly receding from the level recorded earlier today.
An Oppenheimer analyst said in a memo released Tuesday that the recovery occurred as crypto trading volumes fell, with investors’ risk appetite fighting trade-related uncertainty that countered the enthusiasm about the crypto industry’s outlook after President Donald Trump’s reelection.
“It’s a shame to see Trump’s once again tariffs pushing for bear market concerns, fears of a recession and pulling out retail deals,” they write. The silver lining they claimed is a pullback of stock results like Bitcoin and Coinbase Global (coin) It was less serious than what we’ll see in another big move in 2022. This is the year when Bitcoin ended with under $20,000.
“This shows that this asset class is mature and more resilient,” according to an analyst at Oppenheimer.
Several crypto stocks were trading lower than today. Crypto Exchange Coinbase has recently reached nearly 3%. Mala Holdings (Mara), Bitcoin Miner was on its own about 2% off. (Read Investopedia’s live coverage of today’s market here.)
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