Bitcoin Withstands Headwinds — Week in Review

Bitcoin round-tripped from last Friday to now, pushing up through the week before giving back all its gains on Thursday, when an oil spike (Brent crude jumped roughly 7% to above $113) and a tech rout hit risk assets. An AI-spending scare was mostly to blame for the tech weakness. Bitcoin’s relative strength against the Nasdaq and AI-linked equities stood out early in the week. Grayscale’s volatility data also supports the hope (the dream) that maybe, just maybe, Bitcoin is becoming less volatile. Unfortunately, lower volatility tends to cap the mind-melting upside too. There are potential short-term headwinds for Bitcoin right now. The Coinbase premium hit its most negative level since July’s bottom, indicating heavier selling pressure in the U.S. than on offshore exchanges.

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