Three factors that fuel aversion to risk in cryptos
The cryptocurrency market is once again hitting the brakes. The macroeconomic context is emerging as the main determining factor in the retreat that has led bitcoin to record lows below the $80,000 barrier.
The cryptocurrency market has seen a downturn, with Bitcoin's value falling below $80,000 due to macroeconomic factors. According to Hina Sattar, Director of Digital Assets at TP ICAP, the market is closely tied to the macroeconomic context. The decline is attributed to three main factors: persistent geopolitical tensions, particularly in the Middle East, sales in the artificial intelligence sector, and uncertainty ahead of the US Federal Reserve's meeting this week.
Despite the cautious climate, Sattar notes that Bitcoin has shown resilience, with constant buying on each downturn, indicating persistent institutional demand. The market is also awaiting the US midterm elections on November 3 and the Fed's meeting for further guidance.
Written by urgent.news from Expansion ES's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
