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

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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 Bitcoin’s downside move Tuesday appeared in the entire cryptocurrency market, with top tokens like Ethereum and Binance Coin each tailing Bitcoin to its…

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