Bitcoin Hit by Geopolitical Uncertainty, Tech Losses — Market Talk
Bitcoin's decline reflects weakening investor confidence due to geopolitical uncertainty, technology-sector losses and tightening financial conditions, Zaye Capital Markets analyst Naeem Aslam says in a note. "Looking ahead, bitcoin's price direction will depend on whether institutional demand recovers sufficiently to offset geopolitical uncertainty, monetary policy risks, and weakness across growth-oriented financial assets." With no major U.S. data due Monday, market participants will focus on energy prices, Iran war developments, Treasury yields and Federal Reserve policy expectations ahead of Wednesday's decision, he says. A more restrictive monetary policy outlook could reinforce dollar strength and extend selling pressure across cryptocurrencies, he says. Bitcoin drops 0.5% to $80,001 after reaching a five-week low of $79,228 Saturday, LSEG data show. ([email protected])