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. 

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

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