Down 38%, This Cryptocurrency Might Have Finally Hit a Bottom
Yahoo Finance ·
Over the past 11 months, Bitcoin ( BTC -1.27% ) investors have taken a beating. At one point this year, Bitcoin was down more than 50% from its all-time high of $126,000 in October. Even with a recent mini-rally in August, Bitcoin is still down 38%. However, investor sentiment toward Bitcoin has changed dramatically in just the past two weeks. The world's most popular cryptocurrency might have finally bottomed. Here's why. Most importantly, momentum appears to be building for the final passage of the Digital Asset Market Clarity Act ("Clarity Act"). In mid-August, top crypto executives met at the White House, and President Trump gave his full backing to the new legislation. This legislation will remove many regulatory gray areas surrounding Bitcoin, making it easier for investors to hold it in their portfolios. In addition, the investment thesis of Bitcoin as "digital gold" appears to be returning. For much of the summer, Bitcoin traded like a high-beta tech stock. But the correlation with gold is building, and a major reason is the $40 trillion U.S. debt load and related questions about the overall health of the U.S. economy.
DYAX Investor Sentiment
Bullish (Long) 59% · Bearish (Short) 41%
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