Bitcoin price drops under $67K as investors chase profit in stocks
Bitcoin pulled back from its range high as investors moved to greener pastures, but a possible misstep by the SEC could benefit BTC.
Bitcoin (BTC) briefly ventured above $68,000 on Oct. 16, the highest level since August, but holding this level proved harder than anticipated. With Bitcoin price now trading below $67,500, the primary question at hand is whether BTC price can restore its bullish momentum.
Stronger-than-expected economic data in the United States reduced investors’ appetite for alternative hedging instruments, while a strong earnings report by TSMC shifted traders’ attention to the stock market.
The macroeconomic environment played an important role in Bitcoin’s rejection at $68,000, but one event in the cryptocurrency industry in particular has triggered expectations of a more benevolent attitude toward crypto from the current Biden-Harris administration.
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Author: Marcel Pechman
