Bitcoin volatile: Macro pressure shaping short-term moves?
Bitcoin, Ethereum and other cryptocurrencies rose some 4% or more Sunday U.S. time as cryptocurrencies partly rebounded following a rough week last week.
$Bitcoin (BTC.CC)$ added 4% to $87,850.00 as of shortly before 5 p.m. New York time, while $Ethereum (ETH.CC)$ added 3.5% to $2,840.55, $Ripple (XRP.CC)$ popped 7.8% to $2.08 and $Solana (SOL.CC)$ gained 5.1% to $133.08.
Prior to Sunday's rebound, Bitcoin had fallen some 9.9% in the seven days ended Nov. 21, as well as 32.6% from the $126,198.07 all-time intraday high that the crypto hit on some exchanges on Oct. 6.
Cryptocurrencies have been falling in recent weeks on a "risk-off" sentiment among investors amid declines for U.S. Big Techs and American stocks in general.
Tech darlings have been struggling ever since $Palantir (PLTR.US)$ sank despite reporting better-than-expected quarterly earnings on Nov. 3.
The decline despite seemingly good news raised concerns that Big Techs and other riskier plays had finally gotten too expensive for investors to push their prices even higher.
The $Dow Jones Industrial Average (.DJI.US)$ and $S&P 500 Index (.SPX.US)$ have both shed some 4.5% since hitting all-time intraday highs a few weeks ago, while the tech-heavy $Nasdaq Composite Index (.IXIC.US)$ is down some 7.3% from its recent intra-session record peak.
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