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Bitcoin rebounds to session highs above 37k

11 Jun, 2021

Yesterday Bitcoin stalled above 38k once again. It then proceeded to fall back below 36k, to as low as 35,840 as the impact of a couple of negative headlines sent it lower. The first of those was already noted here and concerned comments from the IMF and the second was due to a negative ruling from the Bank of International Settlements (BIS); who ruled that commercial banks wishing to hold Bitcoin and other cryptocurrencies on their balance sheets will need to apply a 1,250% risk weighing on them. That perhaps endorses what the IMF said earlier and sends a clear message; that the establishment is still very sceptical about these coins as a potential asset class. However, since then Bitcoin has rebounded again and is just now moving to fresh session highs, back above 387k, reaching 37,325 a few moments ago. It is currently trading at 37,210

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