Bitcoin The stock surged overnight Monday, hitting more than $57,000, as Wall Street recovered from its worst week of the year.
The flagship cryptocurrency's price rose 5.6% last week to $57,4449.00, according to Coin Metrics. Bitcoin fell 9% last week, marking its worst weekly performance since August 2023.
Bitcoin performance over the past 5 days
In a normal transaction, Coinbase and MicroStrategy On Monday, they rose 5.2% and 9.2%, respectively. S&P 500 Ending a four-day losing streak, Nasdaq Composite Index It rose more than 1%. Last week, the three major indexes posted their worst weekly performances of 2024.
Bitcoin has traded in a range for most of this year, briefly dropping below a low of around $55,000 last week, and analysts have warned that the cryptocurrency is currently lacking a major catalyst without which prices will likely remain sensitive to macro factors and remain stable.
Seasonality is also a factor: September is a historically weak month for Bitcoin, as it is for other risk assets.
“For Bitcoin to rise next week, it is essential that the US stock market stabilizes or regains positive momentum, which could lead to a drop in Bitcoin prices.” [crypto] “ETF outflows,” Bitfinex analysts said in a note on Monday. “This relief in the equity markets could ease selling pressure on Bitcoin, providing a favorable environment for a recovery.”
