Bitcoin and the wider crypto market are nursing sharp losses for the month so far even as global stocks push back toward record highs after shaking off a growth scare over the U.S. economy.
Suvashree Ghosh and Sidhartha ShuklaBitcoin signage in San Salvador, El Salvador, on Wednesday, Aug. 7, 2024. --
Analysts flagged the risk of disposals of Bitcoin seized by the U.S. government — which is thought to hold roughly US$12 billion worth of crypto — as among the challenges for digital assets. Blockchain data indicates the U.S. last week moved $600 million of confiscated Bitcoin to a wallet on the exchange operated by Coinbase Global Inc., according to an analysis by Arkham Intelligence.
Expectations for the U.S. economy have since stabilized on reassuring data and MSCI’s global share index is now just 1.5 per cent below a record set in July. These contracts are often used by speculators as they have no set expiry. But CryptoQuant figures show the funding rate — the cost for the positions — is the most negative since 2022, signaling diminished ardor from fast-money traders.
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