Bitcoin
Drops to $70K as rate cuts in focus By Investing.com
Investing.com– Bitcoin prices fell slightly on Thursday, stabilizing after breaking a more than two-month trading low, as weak U.S. economic data fueled expectations that the Federal Reserve will cut interest rates .
fell 0.5% in the last 24 hours to $70,834.5 at 01:30 ET (05:30 GMT). The token has stabilized after breaking out of the $60,000 to $70,000 trading range this week, ending a low it had fallen to since mid-March.
Bitcoin Near Record Levels as ETF Inflows Rise
The world’s largest cryptocurrency was now about $3,000 away from an all-time high hit in March, benefiting from dollar weakness as traders priced in interest rate cuts from the Fed.
US-listed cash exchange-traded token funds saw a surge in inflows this week, bringing total year-to-date inflows to around $15 billion. Spot Bitcoin ETFs also saw four consecutive weeks of inflows in May.
The approval of spot Bitcoin ETFs in US markets was a key point of support for the token this year, with Bitcoin hitting a record high due to increased institutional flows.
This trend appears to be gaining momentum once again, especially in light of lower interest rates in the US, which present a more accommodative environment for crypto markets.
Crypto Price Today: Altcoins Mixed, Rate Cuts in Focus
The world’s No. 2 cryptocurrency rose 1.6% to $3,850.43, remaining near recent two-month highs, as the token also benefited from excitement about an Ether ETF in the offing.
The Securities and Exchange Commission in May approved major U.S. exchanges to list spot ETFs and is now prepared to collaborate with fund managers to approve the products.
Broader altcoins were mixed but posted gains this week as a string of weak U.S. economic data caused traders to increase their bets on a rate cut in September.
and fell between 0.2% and 0.6%, while among memecoins, and fell 0.4% each.
A rate cut on Wednesday and anticipation of a widely expected rate cut on Thursday also boosted optimism about lower interest rates.