Bitcoin (BTC) trades above $87,000 by press time on Tuesday, following a bearish start to December amid a contraction in the US manufacturing sector and the possibility of an interest rate hike by the Bank of Japan (BoJ) at its next monetary policy decision.
Bitcoin open interest has dropped off as the cryptocurrency’s price has slid over the past month, which an analyst argues could see Bitcoin hit a bottom and spark a “renewed bullish trend.”
Bitwise's Chief Investment Officer (CIO), Matt Hougan, stated that Bitcoin (BTC) remains valuable because it enables investors to store wealth digitally.