{"id":519493,"date":"2023-12-12T08:29:08","date_gmt":"2023-12-12T06:29:08","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=519493"},"modified":"2023-12-12T08:29:08","modified_gmt":"2023-12-12T06:29:08","slug":"bitcoin-bounces-back-2","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/cryptocurrency\/519493-bitcoin-bounces-back-2.html","title":{"rendered":"Bitcoin bounces back"},"content":{"rendered":"

Bitcoin traded near $42,000 after a turbulent stretch that lopped almost 8% from the largest digital asset and stirred predictions of more volatility heading into year-end.<\/p>\n

The token posted the drop from Saturday through Monday, the worst three-day performance since mid-August, according to data compiled by Bloomberg. The retreat from almost $45,000 dragged down wider crypto markets too.<\/p>\n

Some observers blamed edgy speculators paring positions ahead of a Federal Reserve monetary policy meeting that may test aggressive wagers on interest-rate cuts in 2024.<\/p>\n

But most struggled to find a definite trigger, describing the pullback as an expected consolidation given Bitcoin\u2019s 152% year-to-date jump.<\/p>\n

The token revived this year from a 2022 rout as investors grew increasingly confident that regulators will soon allow the first US spot Bitcoin exchange-traded funds. That may herald greater demand for the virtual currency.<\/p>\n

\u201cCrypto finally saw some profit-taking after a dizzying surge over the past few weeks,\u201d said\u00a0Caroline Mauron<\/a><\/strong>, co-founder of digital-asset derivatives liquidity provider Orbit Markets.<\/p>\n

\u201cWe expect to see further idiosyncratic volatility in the crypto asset class in the run-up to the ETF decision deadline in early January, which could be exacerbated by poor liquidity during the holiday period.\u201d<\/p>\n

The crypto industry is awaiting the outcome of applications from BlackRock Inc. and others to start US spot Bitcoin ETFs.<\/p>\n

Bloomberg Intelligence expects a batch of funds to win Securities & Exchange Commission approval by next month.<\/p>\n

Another prop for sentiment is the so-called Bitcoin halving due in 2024, which will cut in half the amount of tokens that Bitcoin miners receive as reward for their work.<\/p>\n

The quadrennial event is part of the process of capping Bitcoin supply at 21 million tokens. The coin hit records after the last three halvings.<\/p>\n

Those bullish narratives took a back seat on Monday.<\/p>\n

Coinglass data show that about $455 million worth of crypto trading positions betting on higher prices were\u00a0liquidated<\/a><\/strong>\u00a0on Dec. 11 \u2014 the highest tally since at least mid-September.<\/p>\n

\u201cThere were a number of market signals where we could see that Bitcoin was meeting its overhead resistance from a technical trading perspective,\u201d said Greg Moritz, co-founder at crypto hedge fund AltTab Capital.<\/p>\n

\u201cI don\u2019t think this is indicative of any fundamental change. If anything, it\u2019s a little bit of a buying opportunity from our perspective.\u201d<\/p>\n

Bitcoin climbed about 1% to $41,737 as of 9:07 a.m. in Singapore on Tuesday.<\/p>\n

Smaller tokens like BNB and Avalanche also pushed higher. A gauge of the top 100 crypto coins posted a modest advance.<\/p>\n

\"\"<\/p>\n

\n

Now read: Boss of South Africa\u2019s biggest pyramid scheme in history allegedly using computer and Internet from jail<\/a><\/h2>\n","protected":false},"excerpt":{"rendered":"

Bitcoin traded near $42,000 after a turbulent stretch that lopped almost 8% from the largest digital asset and stirred predictions of more volatility heading into year-end.<\/p>\n","protected":false},"author":341034,"featured_media":512670,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_facebook_post_id":"","_sma_instagram_post_id":"","_sma_threads_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[44696],"tags":[187,73436,91461,67814],"class_list":["post-519493","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin","tag-bitcoin-etf","tag-bitcoin-prices","tag-exchange-traded-funds-etfs"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/519493"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=519493"}],"version-history":[{"count":0,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/519493\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/512670"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=519493"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=519493"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=519493"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}