Bitcoin steadies in vicinity of US$50,000 as rally pauses

18237500 - businessman hand pointing to investment as concept

Bitcoin is consolidating its recent rally around the US$50,000 mark in Tuesday morning’s trade.

Changing hands at US$49,653 the top crypto has pulled back just over 1% after seeing its highest print for around four months on Monday.

Market commentators point to a potential pause in Bitcoin resurgence ahead of the Jackson Hole central banking shindig in Wyoming later this week, at which the Federal Reserve will undertake its annual policy symposium.

Whilst some look to American monetary policy, fiat currency and the US financial system’s ‘establishment’, others in the Bitcoin market look to chartist tea leaves to find bullishness after Bitcoin turned its 200-day moving average higher.

Elsewhere, Ethereum similarly treads water a sliver higher than yesterday’s price, changing hands this morning at around US$3,337.

Cardano’s ADA coin was the best performing among the most popular cryptos albeit its rise is nothing like as spectacular as its recent moves, at US$2.91 it is up 2.5% and now teeters only a little below the US$100bn market cap marker.

Ripple’s XRP token is down 1.96% at US$1.25, giving it a market cap of US$125bn, and Dogecoin is down 2% as the Shiba Inu mascot memecoin lags its more technologically involved peers.


Please enter your comment!
Please enter your name here