Bloomberg: Bitcoin's Slow Decline Leaves Traders Desperate, Market Confidence and Institutional Demand Both Under Pressure
Odaily Report: Bitcoin fell toward $62,000 at one point over the weekend, hitting a new low since July. Unlike previous sudden crashes, this round of decline had mainly accumulated gradually amid relatively calm trading, and recently accelerated further as large-scale liquidations emerged. Market investor confidence continues to come under pressure, leaving traders exhausted and desperate. At the macro level, the yield on the US 10-year Treasury rose above 5%, the dollar strengthened, and persistent inflation intensified market expectations that the Federal Reserve will tighten policy.
Market analysis suggests that the short-term direction of the market largely depends on whether institutional demand can stabilize and whether the macro environment allows risk appetite to recover. Before that, any rebound may remain fragile, and market volatility will stay high. All financial markets are currently in a risk-off environment, with interest rates continuing to rise. Bitcoin's current decline has erased most of the gains from its earlier rebound from below $65,000 to above $87,000, and the market has also begun to worry about whether it will further break below this year's low of around $58,000. (Bloomberg)
