BTC is trading well off its recent highs above $24K, but is still faring better than earlier in the month; a number of institutional investors see the decline in COIN's price as an opportunity to buy shares. JPRubin23 and TheSamReynolds report
Bitcoin traded sideways on Sunday to fall below $22,400, well-off mid-week highs.
Ether, the second largest crypto by market cap, was trading at $1,560, also down slightly for the same period. Other cryptos were largely in the red, with YGG and AXS both off more than 7%. The crypto Fear & Greed Index has improved over the past two weeks, but remains in fear territory reflecting deep concerns about conditions potentially affecting crypto.
"BTC did see some positive price action following its resilience, post the CPI data earlier this month," wrote Joe DiPasquale, the CEO of crypto fund manager BitBull Capital, in an email to CoinDesk."The fact that news of Tesla selling its BTC holdings did not crash the price is also a positive sign for the bulls.Investors will now be eyeing this week's interest rate decision by the U.S. central bank's Federal Open Markets Committee .
Crypto declines tracked major equity indexes on Friday as the tech-heavy Nasdaq fell nearly 2% and the S&P 500, which has a heavy tech component, dropped almost a percentage point. Stocks, like cryptos though, had their best week in a while after months of losses. Gold rose slightly, although it has also steadily fallen from March highs over $2,000.
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