Bitcoin Loses Momentum Amid Macroeconomic Uncertainty
Bitcoin's recent surge has come to an end as it lost momentum on September 28. The cryptocurrency cooled off after its rapid rise in recent weeks, with investors attributing the decline to macroeconomic uncertainty putting pressure on risk assets.
The original cryptocurrency fell 2.3% to $82,568 before partially recovering its losses. At the start of morning trading in New York, it remained below $83,000.
Other digital assets also declined, with Ether falling 1.9% and Solana dropping 3.9%. The decline was attributed to a surge in macroeconomic uncertainty following U.S. President Donald Trump's rejection of Iran's proposal to reopen the Strait of Hormuz, which sent oil prices rising.
However, some investors view bitcoin's recent weakness as a pause after strong gains rather than the end of its positive momentum. Richard Galvin, executive chairman of crypto investment firm DACM, stated that 'I don’t think the rally has lost confidence simply because of the weakness of the last few days.'