Bitcoin struggles to recover after 15% weekly drop
Press Hub UCapital
Share:
Bitcoin is attempting a recovery after a brutal week that saw its price tumble 15%, briefly touching $80,000 before stabilizing around $82,000 in early Monday trading. The broader crypto market remains under pressure, with Ethereum breaking below $2,000, marking its lowest level since November 2023. The first-ever White House crypto summit, initially seen as a potential catalyst, failed to deliver any meaningful regulatory developments, leaving market sentiment largely unchanged.
Despite hopes for clearer regulatory guidance, the event offered little substance. White House AI and crypto czar David Sacks led discussions, but no major policy shifts or industry-friendly measures were announced. While industry figures like Coinbase CEO Brian Armstrong and MicroStrategy’s Michael Saylor were in attendance, the meeting yielded little more than praise for the administration, disappointing those expecting a more decisive stance on digital assets.
Ethereum’s decline below the $2,000 threshold has erased 2024 gains for recent buyers, contributing to a market-wide slump that has pulled total crypto market capitalization down to $2.7 trillion. The upcoming U.S. inflation report on Wednesday is expected to be a key driver for risk assets, including Bitcoin, as traders anticipate a 2.9% year-over-year increase in consumer prices. Given the Federal Reserve’s stance on monetary policy, any deviation from expectations could introduce further volatility into the crypto space.
In the near term, Bitcoin’s ability to hold above the $80,000 level will be a key indicator of sentiment, while macroeconomic factors continue to shape market direction.
Despite hopes for clearer regulatory guidance, the event offered little substance. White House AI and crypto czar David Sacks led discussions, but no major policy shifts or industry-friendly measures were announced. While industry figures like Coinbase CEO Brian Armstrong and MicroStrategy’s Michael Saylor were in attendance, the meeting yielded little more than praise for the administration, disappointing those expecting a more decisive stance on digital assets.
Ethereum’s decline below the $2,000 threshold has erased 2024 gains for recent buyers, contributing to a market-wide slump that has pulled total crypto market capitalization down to $2.7 trillion. The upcoming U.S. inflation report on Wednesday is expected to be a key driver for risk assets, including Bitcoin, as traders anticipate a 2.9% year-over-year increase in consumer prices. Given the Federal Reserve’s stance on monetary policy, any deviation from expectations could introduce further volatility into the crypto space.
In the near term, Bitcoin’s ability to hold above the $80,000 level will be a key indicator of sentiment, while macroeconomic factors continue to shape market direction.