tl;dr
Bitcoin (BTC-USD) is set to drop 8% on a weekly basis, falling further from the $70K mark, signaling cautious behavior with the upcoming halving next month.The continued rebound of BTC prices on Thursday coincided with the stock market rally, following the Federal Reserve's expectations of three int...
Bitcoin (BTC-USD) is set to drop 8% on a weekly basis, falling further from the $70K mark, signaling cautious behavior with the upcoming halving next month.
The continued rebound of BTC prices on Thursday coincided with the stock market rally, following the Federal Reserve's expectations of three interest-rate cuts this year. Founder and CEO of Metalpha, Adrian Wang, attributed the recent pullback in prices as reflection of a more realistic market sentiment on the bull market.
SA analyst, Richard Durant, highlighted the importance of interest rates and the labor market to Bitcoin's forward path, cautioning that tight monetary policy could eventually weigh on the current bull market. Notable news from the industry includes the granting of a charter to WisdomTree, the SEC seeking to categorize Ether as a security, and J.P. Morgan's upgrade of Riot Platforms stock to Overweight. Lastly, MicroStrategy has acquired 9,245 more bitcoins for $623M, bringing the software firm's total stash to 214,246 tokens.
In the latest update, Bitcoin dropped 2.26% to $63.7K, erasing previous gains recorded earlier in the week, while Ether fell ~2.63% to $3.3K.
More about WisdomTree Inc.
WisdomTree Inc. operates in the finance sector, specifically in security brokers, dealers, and flotation companies. The company has a market capitalization of $1.35 billion and a stock price of $13.92, with a minimal increase of $0.12 or 0.64%. Its Relative Strength Index (RSI) stands at 2.412, indicating a slightly overbought condition. The stock has a 52-week high of $9.06 and a low of -$0.855, showcasing a considerable fluctuation in performance. The market sentiment appears to be cautiously optimistic, with a bullish trend in the short term. However, it is important to note that past market behavior is not always indicative of future performance, and potential risks and uncertainties should be carefully considered.
More about Riot Blockchain Inc
Riot Blockchain Inc is a company focused on cryptocurrency mining in North America, with headquarters in Castle Rock, Colorado. The company operates in the life sciences sector, specifically in vitro & in vivo diagnostic substances. With a market cap of $3.037 billion and a stock price of $20.09, Riot Blockchain has shown a strong performance with a 1-year return of 2.333%. However, the stock has experienced a recent decline of -0.28%, closing at $1.604. Market sentiment towards Riot Blockchain is currently somewhat bearish, with a decrease in stock value and negative earnings per share of -0.176. Investors should be cautious and monitor for potential risks in the cryptocurrency market, as past performance may not indicate future results.
More about MicroStrategy Incorporated
MicroStrategy Incorporated is a technology company providing global business analysis software and services. With a market capitalization of $26.24 billion, the stock is currently trading at $58.47 per share. The stock has shown a 52-week range between $26.45 and $36.3, and a beta of 0.865. The company has a total revenue of $496.26 million and a price-to-earnings ratio of 1171.75. The stock has experienced a decrease of 0.775 points or -0.061%. Overall, market sentiment towards MicroStrategy Incorporated appears to be neutral, with potential for volatility given the stock's beta and recent price movement.
Disclaimer: The opinions expressed by the writers at Grow My Bag are their own and do not reflect the official stance of Grow My Bag. The content provided on our site is not intended as investment advice, and Grow My Bag is not an investment advisor. We do not endorse buying or selling any cryptocurrencies or digital assets mentioned in our articles. High-risk investments in Bitcoin, cryptocurrencies, and digital assets require thorough due diligence, and all transfers and trades made are at your own risk. Grow My Bag is not responsible for any potential losses and participates in affiliate marketing.