TechFlow news, August 20: According to Jinshi Data, Bitcoin rebounded slightly but remains generally low, having dropped the previous night to a two-and-a-half-week low. Joel Kruger, strategist at LMAX Group, said in a report that Bitcoin has been in an "adjustment phase" since hitting a record high last week. He noted this is mainly due to U.S. wholesale inflation data coming in higher than expected, weakening market expectations for Federal Reserve rate cuts. Kruger also mentioned that some of the selling may be related to profit-taking by short-term traders, as well as recent comments from the U.S. Treasury Secretary indicating that the strategic Bitcoin reserve will not be expanded through new purchases.
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