Bitcoin (BTC) dipped below $89,000 during Tuesday’s early European hours as Nasdaq futures pointed to continued losses in technology stocks and strength in the Japanese yen sparked fears of an August-like risk aversion.
The leading cryptocurrency hit a low of $88,500, a level last seen in mid-November, CoinDesk data shows. The losses follow recent reluctance to adopt state-managed bitcoin reserves in the U.S.
“Despite U.S. President Donald Trump’s recent pro-Bitcoin stance, three state-level proposals for Bitcoin reserves failed in Montana, North Dakota, and Wyoming. The reluctance to adopt state-run Bitcoin reserves underscores the political risks, as policymakers avoid accusations of speculating with taxpayer funds,” said Valentin Fournier, analyst at BRN.
“A nationwide reserve strategy—potentially backed by a bond issuance or a partial sale of U.S. gold reserves—could be a more viable path for future adoption,” Fournier…
