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Bitcoin price today: steady at $68K
Bitcoin stabilized on Tuesday, while cryptocurrency markets showed only minor movements due to holidays in several major countries, resulting in a lack of clear trading signals.
Caution ahead of the release of several key U.S. economic indicators also weighed on sentiment, along with anticipation of upcoming negotiations between the United States and Iran.
Bitcoin fell 0.5% to $68,056.0 as of 05:39 GMT.
Bitcoin recovers after significant losses amid prolonged crypto downturn
Last week, Bitcoin approached levels below $60,000, as the world’s largest cryptocurrency led a broader, months-long sell-off across the sector.
The cryptocurrency has lost nearly 50% of its value since reaching a record high in October amid a wave of adverse factors affecting the sector.
Recent Bitcoin losses came amid market concerns over the outlook for U.S. monetary policy under Kevin Warsh, President Donald Trump’s nominee for Chair of the Federal Reserve.
Warsh was viewed as a less dovish choice, raising fears that U.S. monetary conditions may not be as loose as initially expected — a scenario that typically weighs on speculative assets such as cryptocurrencies.
Regarding the U.S. economy, data on industrial production, trade, and the PCE price index — the Federal Reserve’s preferred inflation gauge — are expected in the coming days.
Minutes from the Fed’s January meeting are also due this week.
Broader risk aversion also pushed traders to favor physical assets such as gold and precious metals over cryptocurrencies, while volatility in U.S. tech stocks — which crypto often tracks — also spilled over into the sector.
Bitcoin received little support from a statement by its largest corporate holder, Strategy Inc (NASDAQ:MSTR), which said it is well prepared to withstand a price drop to $8,000 per coin.
However, the company also reported significant fourth-quarter losses, and the recent Bitcoin decline has raised concerns about its debt, part of which is tied to the value of its Bitcoin holdings.
Strategy was not the only Bitcoin treasury company to report major losses in recent weeks. Japanese hotel operator turned Bitcoin treasury firm Metaplanet Inc (TYO:3350) recorded a revaluation loss of approximately ¥102.2 billion on its holdings.
Crypto prices today: altcoins edge higher after recent losses
Broader cryptocurrency prices ticked up slightly on Tuesday, recovering a small portion of recent losses, though they still show sharp declines over the past several weeks.
The world’s second-largest cryptocurrency, Ether, rose 0.9% to $1,976.10, while XRP gained 1.4% to $1.4758.
BNB, Solana, and Cardano rose between 1.7% and 3%.
Memecoins lagged behind: Dogecoin fell 2.2%, while $TRUMP dropped 3.7%.
See also: "Investors withdrew $3.74 billion from crypto funds"
