Bitcoin Falls Alongside US Futures as Economic Recovery Flatlines
▪️ Bitcoin price pulled back in the early trading session Tuesday after logging a strong opening for the weekend a day before.
▪️ The corrective action appeared as the rising number of COVID cases in the US prompted the Federal Reserve to make a stark warning.
▪️ The central bank said the trajectory of the US’s economic recovery would be bumpy despite promising data.
A modest rally in the Bitcoin market paused on Tuesday as traders pitted the signs of economic recovery against the resurgence in COVID cases in the US.
The BTC/USD exchange rate fell 1.16 percent to circa $9,234 as of 1018 GMT shortly after the US futures signaled a similar downside move. Futures linked to the S&P 500 plunged 0.91 percent, hinting that the benchmark index will open lower after the New York opening bell.