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Nathanielbirkett
@nathanielbirkett
Bitcoin and other cryptocurrencies were falling early Friday. However, MicroStrategy has made another major purchase of the largest crypto. Bitcoin BTCUSD -0.74% was down 1.5% over the past 24 hours to $64,617. Bitcoin hit a record high near $74,000 in mid-March amid a surge of interest from new spot exchange-traded funds but its price has dropped since then. Cryptocurrencies have been restricted by relatively high bond yields as the market scales back expectations for interest-rate cuts from the Federal Reserve. “Bitcoin is not so much “digital gold” as it is a speculative instrument driven by excess dollar liquidity. Since 2011, the primary factor driving all major Bitcoin bull markets is when the U.S. Federal Reserve pivots to dovish,” Barry Bannister, chief equity strategist with Stifel, wrote in a research note this week.
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