Bitcoin Price Slips as Geopolitical Uncertainty Grows

The broader industry has slowed down with Bitcoin dropping on a daily chart in which has further driven the top altcoins down in the market.

In the wake of a new week, Bitcoin slipped to below $95,000, sending some chills down the spines of investors and traders. Coming from a coin that had traded at a multi-month high of above $97,000, the dip raised questions in the hearts of crypto enthusiasts. 

Macro Pressure Weighs in on Bitcoin Price 

Bitcoin’s price retreat is perceived to be a consequence of the broader market macro pressure, which is currently weighing on investors’ risk appetites. These entities are overwhelmed by the financial tension brewing due to rising yields and geopolitical uncertainties. 

A robust report on the United States triggered a lift in Treasury yields on Friday. However, it also ignited concern that the Federal Reserve may delay interest rate cuts. 

Precisely, non-farm payrolls saw an increase of up to 177,000 in April. This was slightly above analysts’ expectations. In addition, the unemployment rate shot up to 4.2%. 

At first, markets reacted positively to the development. BTC climbed almost as high as $98,000 as risk assets rallied into the weekly close. Not long after, bond yields increased, suggesting optimism had faded. The top coin also felt pressure, which is evident in its recent price slip. 

Traditional Firms With a Bitcoin Treasury 

Meanwhile, the retreat in BTC price reflects how aligned crypto assets have suddenly become with broader financial conditions. 

Moreso, several traditional financial firms have launched their Bitcoin strategic treasury. Japanese financial leader Metaplanet has grown to be the 9th largest Bitcoin holder within one year of consistently acquiring the cryptocurrency. 

It plans to hold a more significant stake in the top coin with a Florida outlet. Its more detailed plan is to raise $250 million to grow its Bitcoin holdings and increase its presence in the United States. Being in Florida, the US, will also help Metaplanet run its business without time zone limits.

Michael Saylor’s Strategy Inc., which rebranded from MicroStrategy a few months ago, has continued to buy Bitcoin quickly. Its frequent purchases have even caused market watchers to speculate what could happen if Strategy’s supply of BTC could give it monopolistic power over supply and pricing.

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