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Bitcoin hovers near $77,000 but 'investors not yet positioned to buy the dip'
Bitcoin (BTC-USD) steadied near $78,000 per token on Monday, but some strategists cautioned that its sharp sell-off over the weekend may not be over as investors seemed reluctant to buy the dip.
The world's largest cryptocurrency dropped sharply on Saturday, touching its lowest levels since last April and notching a fourth straight month of losses.
The move lower coincided with President Trump's announcement on Friday selecting Kevin Warsh to lead the Federal Reserve when Jerome Powell's term ends in May, a nominee markets view as hawkish.
Ether (ETH-USD) and other digital tokens also slid alongside gold (GC=F) and other metals, which crashed on Friday, with losses extending on Monday.
Bitcoin hits lowest level since 2024 and stocks stumble as AI and geopolitical nerves fray
A nervous mood swept through markets Tuesday as stocks stumbled and bitcoin hit its lowest level since November 2024.
The Dow closed lower by 167 points, or 0.34%, after tumbling as much as 575 points earlier. The broader S&P 500 fell 0.84%. The tech-heavy Nasdaq sank 1.43%. The S&P and Nasdaq each had their worst day in two weeks as technology and software stocks led declines.
In a sign of the risk-averse mood, bitcoin earlier slumped nearly 7% and fell just below $73,000, hitting its lowest level since President Donald Trump’s victory in the presidential election. Bitcoin then slightly rebounded and traded around $76,800.
Bitcoin is down roughly 40% since hitting a record high above $126,000 in October. The Trump administration has touted pro-crypto policies, with the president promising to make the United States the “crypto capital of the world.â€
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