Bitcoin climbs back above $80,000 after a weekend low of $79,146, as traders look to this week's Fed meeting
Bitcoin won back the $80,000 mark early Sunday after a sharp weekend selloff. It traded at $80,936 at 00:53 ET on October 25, Investing.com reported, after dropping as low as $79,146 on Saturday, its weakest level in more than a month.
Leverage drove much of the move. More than $810 million of crypto positions were liquidated over 24 hours, about $689 million of them bullish bets, per CoinGlass data cited by Investing.com, which also pointed to thin weekend trading. Later on Sunday, crypto.news put bitcoin near $80,312, down 1.95% over seven days, with ether down 3.41% on the week to about $2,332.
Investing.com said traders are weighing the Federal Reserve's October 27 and 28 meeting, along with oil prices pushed higher by the Iran war, which add to inflation worries.
What to watch: the Fed's decision on Wednesday, October 28, and whether bitcoin holds above $80,000 as US spot bitcoin ETF flows resume on Monday.
This story is reporting and analysis. It is not financial, legal or tax advice.
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