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Bitcoin Bears in Ascendancy as Crypto Storm Gathers

© Reuters.
© Reuters. — Bitcoin plunged on Wednesday, briefly falling below the key psychological $10,000 level, with bulls appearing wary of buying the dips despite expectations the popular crypto is set to benefit from a favorable backdrop.

fell 6.4% to $10,115, but remained above its session low of $9,824. But it is down from a 2019 peak of about $13,524 in late June.

The latest plunge in bitcoin comes as debate continued on whether its current weakness is the beginning of a prolonged trend lower, or an opportunity for traders on the sidelines to scoop up the popular crypto at attractive prices.

With just a day to go until central bankers gather at their annual meeting in Jackson Hole, Wyo., investor expectations are growing that monetary policy easing will likely be a key theme to emerge from the two-day event – a measure likely to devalue their respective currencies, making bitcoin more attractive.

But bitcoin could also come under fire at the forthcoming G7 summit, with cryptocurrencies expected to be one of the talking points among global leaders, some of whom have previously expressed skepticism about cryptos.

Other cryptos fell sharply, with falling 2.6% to $0.26679, down 5.8% to $185.58 and falling 2.6% to $73.028.

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