Bitcoin Stalls Near $79K as Traders Digest Gains
Bitcoin held steady near $79,000 on Tuesday as it continued to show resilience despite weakness in broader risk assets. The cryptocurrency traded at $79,041.
This stability comes after a strong gain of 25% in August and suggests that traders are not yet engaging in aggressive profit-taking.
Research Analyst at Delta Exchange, Riya Sehgal, noted that crypto markets entered September in a consolidation phase, with Bitcoin holding near $78,300 and Ethereum around $2,460 as traders assessed renewed macroeconomic and geopolitical risks.
Vikram Subburaj, CEO of Giottus, added that the cryptocurrency is attempting to stabilise after last week's post-Jackson Hole correction, but remains below the $80,000 mark and institutional demand remains positive overall, although momentum has moderated.