Bitcoin
hovers at $69,000, interest rate cut hopes provide some support By Investing.com
Investing.com – The price of Bitcoin stabilized on Tuesday, hovering just below key levels, as dollar weakness amid speculation about possible interest rate cuts by the Federal Reserve triggered some flows for cryptocurrency markets.
rose 0.8% in the last 24 hours to $69,049.3 at 01:50 ET (05:50 GMT). The world’s largest cryptocurrency was now about 2% away from breaking the $60,000 to $70,000 trading range seen since mid-March.
But it remains to be seen whether the token could consistently maintain levels above $70,000.
Bitcoin Capital Flows Increase in May
Data from digital asset manager CoinShares showed on Monday that digital asset investment products saw inflows for the fourth consecutive week in the seven days to June 3.
This brought total inflows in May to $2 billion.
Bitcoin commanded the bulk of these inflows, while the world’s No. 2 token, Ether, saw a surge in capital inflows after the Securities and Exchange Commission approved the listing of exchange-traded funds that directly track Ether.
The inflows signaled an improvement in sentiment towards crypto after the space was hit by prolonged outflows throughout April. But global trading volumes and daily turnover in cryptocurrency investment products still remained weak.
Still, more countries have been seen approving spot ETFs that track cryptocurrencies. A spot Bitcoin ETF went live in Australia on Tuesday, following a similar phenomenon in Hong Kong last month.
Crypto Price Today: Rate Cut Bets Offer Some Support
Broader cryptocurrency markets posted some gains this week as appetite for risk-oriented assets improved ahead of the prospect of eventual rate cuts from the Federal Reserve.
Weak US data has traders increasing bets on a rate cut in September. Lower rates bode well for speculative and high-risk assets like cryptocurrencies.
Gains in broader crypto markets came on Tuesday after speculation about interest rate cuts dragged them to two-month lows.
No world. Token 2 fell 1.4% to 3,762.49 – seeing some profit-taking after a strong rally in May.
and rose about 0.4% each. Among memecoins, and fell 4% and 1.6% respectively, also recording some profit-taking after strong gains in May.