Bitcoin's gains tempered by profit-taking, US economic data and legislation take focus - London Business News | Londonlovesbusiness.com
Briefly

Bitcoin reached an all-time high of over USD 123,000 before retreating as profit-taking occurred among investors. This decline followed a significant rally driven by institutional demand and favorable regulatory expectations. Inflows into spot BTC ETFs exceeded USD 3.4 billion in July, supporting the market's upward momentum. Concurrently, U.S. Congress is actively debating legislation to clarify stablecoin issuance and digital asset classifications. Market participants are now focused on upcoming inflation data, which may influence the Federal Reserve's policies and the overall appetite for cryptocurrencies.
Bitcoin recently reached a new all-time high of over USD 123,000, before retreating as investors sought to lock in profits amid upcoming U.S. economic data.
The rally was fueled by expectations of greater regulatory clarity and significant institutional demand, as evidenced by over USD 3.4 billion in BTC ETF inflows in July.
Legislation under review in Congress aims to clarify stablecoin issuance and token classification, contributing to greater confidence in the digital asset market.
Markets are closely monitoring U.S. inflation data, which could significantly influence the Federal Reserve’s policy and the future appetite for cryptocurrencies.
Read at London Business News | Londonlovesbusiness.com
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