First Mover: ECB Stimulus May Offer Market Hope After Bitcoin Fails (Again) to Break $10K

As bitcoin struggles to break out of the range it’s largely been stuck in for more than a month, some investors are looking ahead to Thursday’s European Central Bank meeting for fresh monetary stimulus that might underscore the cryptocurrency’s potential as an inflation hedge. 

Prices for bitcoin shot up 8% on Monday to a three-month high around $10,200, then quickly reversed on Tuesday, falling back to about $9,500. CoinDesk’s Daniel Cawrey reported that the price action may have been exacerbated by liquidations of derivatives trades on the Seychelles-based exchange BitMEX. 

You’re reading First Mover, CoinDesk’s daily markets newsletter. Assembled by the CoinDesk Markets Team, First Mover starts your day with the most up-to-date sentiment around crypto markets, which of course never close, putting in context every wild swing in bitcoin and more. We follow the money so you don’t have to. You can subscribe here.

The round-trip disappointed some bulls who had speculated that a break above $10,000 might kindle a longer-term price surge.


If reproduced, please indicate the source:

Leave a Reply

Your email address will not be published.