While the market continues to digest Bitcoin’s descent to $49,000 last week, signs that users are beginning to build up their Bitcoin are emerging, Glassnode said in a blog post on Tuesday.
Bitcoin has faced several headwinds in August including geopolitical tensions in the Middle East, recessionary fears in the U.S., uncertainty around the Japanese yen, and a general risk-off mood felt most sharply at the beginning of the month.
“Investors remain cautious ahead of US CPI this week,” QCP Capital wrote in a short investor note on Tuesday. “They will closely watch inflation numbers for guidance on whether the Fed will cut rates by 50 or 25 basis points in September. The odds are now evenly split.”
While tensions have eased somewhat among investors across broader markets, with major indices seeing a broad uplift on Tuesday, Bitcoin and crypto prices continue to linger.
The asset is up 1.6% on the day, just above $60,600,…
