Bitcoin peaked above $65,000 on Aug. 25 and has been falling ever since, with the downtrend characterized by brief, shallow bounces, a sign of a persistent 'sell-on-rise' mentality. This likely stems from increasing U.S. recession risks, which lead to a reduction in exposure to risk assets.
Weak economic data from the U.S. this week has strengthened the possibility of rate cuts from the Fed, but that has yet to stem bitcoin's downward movement.
Bitcoin is down for the ninth day out of the last 11 as its attempt to consolidate above the 200-day average triggered an intensified sell-off, indicating a limited appetite for risk assets.
Blockstream Mining is opening a third round of investment for its hashrate-backed tokenized note, giving participants a slice of the bitcoin earned from the company's mining activities over the next four years.
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