Citi’s Bitcoin Report Does Little in Offsetting Yield Fears; Price Down Again

Uai8Joxx 980x567

Bitcoin kickstarted the week with an incredible recovery rally, negating a considerable portion of its losses from the previous weekly session against a downside correction in US bond yields. Nevertheless, the flagship cryptocurrency’s intraday bull run failed to garner further higher bids on Tuesday. A sell-off at the local top ensued due to profit-taking sentiment, pushing its prices lower by as much as 3.72 percent to $48,380. Bitcoin was still up 7.5 percent on a week-to-date timeframe. Part of the cryptocurrency’s gains also received a boost from Citi’s latest report on cryptocurrencies. The investment bank concluded that Bitcoin could become a currency of choice for international trade. Nonetheless, the upbeat projections did little in maintaining the asset’s intraday bias. Bitcoin slips on Tuesday. Source: BTCUSD on TradingView.com Bitcoin’s downside move Tuesday appeared in the entire cryptocurrency market, with top tokens like Ethereum and Binance Coin each tailing Bitcoin to its…

Read the original article here

IF YOU LIKED THIS ARTICLE CLICK SHARE