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Bitcoin flat below US$26,000 as rate hike woes cool down

Bitcoin edged up on Monday morning in Asia but remained below the US$26,000 resistance level, giving up much of last week’s gains from a favorable court ruling on Grayscale’s spot Bitcoin exchange-traded fund application. Bitcoin edged up 0.30% in the last 24 hours to US$25,958.25 as of 07:30 a.m. in Hong Kong and traded 0.46% lower for the week, according to CoinMarketCap data. The world’s leading cryptocurrency lost control of the US$26,000 support level on Friday and fluctuated around the mark over the weekend. Bitcoin briefly reached a weekly high of over US$28,000 last Tuesday on a court ruling that required the U.S. Securities and Exchange Commission.


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