First Mover Asia: Large Bitcoin Holders Content to Hold Long Positions Amid Regulatory Turmoil

Bitcoin regained $25,000 after a late Wednesday dip, fueled by fears about a renewal of central bank hawkishness later this year, sent the price below the threshold.

BTC was recently trading at about $25,171, off 3.1% over the past four hours, part of a wider crypto selloff. The largest cryptocurrency in market value had been traveling comfortably just below $26,000 for much of the past five days as markets awaited the latest interest rate decision by the U.S. central bank and continued to chew over last week's U.S. Securities and Exchange lawsuits against crypto exchanges Binance and Coinbase.

The Federal Reserve elected to suspend rate hikes, but comments by bank Chair Jerome Powell following the announcement appeared to spook markets. Powell reiterated the Fed's commitment to sink annual inflation to a target 2.5%. It currently stands at 4%. But critics of bank policy say that the focus on prices risks sending the economy into a recession.

Just as equity markets were closing a lackluster day, digital assets plunged. Ether, the second largest crypto by market cap, fell to $1,630 before regaining ground to hover near $1,654, off 5.1% from Tuesday, same time.

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