Romain Costaseca / Hans Lucas / AFP
Bitcoin bounced. A bit.
The leading currency recently traded around $84,000, rising back above the prices below $77,000 seen late last week that were in the neighborhood of their pre-election levels but retreating slightly from levels logged earlier today.
That recovery has come as crypto trading volume has fallen, Oppenheimer analysts wrote in a note published Tuesday, with investors’ risk appetite pressured by trade-related uncertainty that has counteracted enthusiasm about the crypto industry’s prospects after President Donald Trump’s reelection.
“It’s unfortunate to see Trump’s on-and-off again tariffs have driven bear market concern, recession fear, and pullback of retail trading,” they wrote. 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.
“It demonstrates that this asset class has matured and become more resilient,” according to Oppenheimer’s analysts.
Several crypto-linked stocks were trading lower today. Crypto exchange Coinbase was recently down close to 3%. Mara Holdings (MARA), a Bitcoin miner, was itself off about 2%. (Read Investopedia’s live coverage of today’s markets here.)
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