Romain Costaseca / Hans Lucas / AFP
Bitcoin bounced. A little.
The leading currency traded recently around $84,000. This is a slight retreat from the levels seen earlier today, but a significant rise over the prices below $77,000 that were seen late last week.
The analysts at Oppenheimer wrote in a report published on Tuesday that the recovery was due to a decline in crypto trading volume. They also noted that investors’ risk appetite had been impacted by trade uncertainty, which has tempered their enthusiasm for the crypto market’s prospects since President Donald Trump’s reelection.
They wrote, “It’s unfortunate that Trump’s intermittent tariffs have fueled bear market fears, recession fear, as well as a pullback of retail trade.” A silver lining, they argued, is that the resulting pullbacks in Bitcoin and stocks like Coinbase Global (COIN) have been less severe than those seen during another big move lower in 2022—a year that Bitcoin finished at under $20,000.
Analysts at Oppenheimer say that the asset class has matured, and is now more resilient.
Several crypto-linked shares were trading lower today. Coinbase, a crypto exchange, was recently down by close to 3%. Mara Holdings(MARA), which is a Bitcoin miner was also down around 2%. (Read Investopedia’s live coverage of the markets here.
