Bitcoin
stable at US$67,000, more signs of the Fed in focus By Investing.com
Investing.com – Bitcoin’s price was little changed on Monday after recovering over the weekend, although the token still remained range-bound amid lingering caution over the outlook for U.S. interest rates.
The value has moved little in the last 24 hours and stabilized at US$67,148.4 at 01:01 ET (05:01 GMT). It still remained within the $60,000 to $70,000 trading range established since mid-March, with few catalysts available for an immediate breakout.
Appetite for Bitcoin has also been overshadowed by a stellar rally in metals markets. A combination of safe-haven demand and long positioning hit a record high on Monday.
Bitcoin Range as More Fed Signals in Sight
This week’s focus has been squarely on further suggestions from the Federal Reserve, which are likely to influence the outlook for interest rates.
The Fed’s late-April meeting is scheduled for this Wednesday, while a number of Fed officials — notably members of the rate-setting committee — are expected to speak this week.
Any further indications on interest rates will largely be in focus, after some subdued inflation readings for April put the market’s focus squarely on a rate cut in September. But Fed officials warned that the bank needed more convincing that inflation was slowing.
The also stabilized from last week’s losses, limiting any major upside in Bitcoin. Fears of potential geopolitical instability in the Middle East, following the death of Iran’s President and Foreign Minister in a helicopter crash, also kept risk appetite subdued and traders leaning towards safe havens such as gold and the dollar. .
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This came amid dwindling capital flows into crypto investment vehicles as enthusiasm over Bitcoin exchange-traded funds launched earlier this year fizzled out.
Crypto Price Today: Altcoins Track Moderate Bitcoin Moves
Most major altcoins also moved in a stable to bearish range on Monday, tracking muted moves in Bitcoin as sentiment remained subdued.
The world’s No. 2 token rose 0.4% to $3,132.04 while falling 0.8%. rose 1.7%.
Memecoins retreated, falling 2.9% and 0.7%, respectively.
Altcoins have struggled to gain traction in recent months as much of crypto capital flows have remained largely focused on Bitcoin. Potential regulatory moves against Ethereum by the Securities and Exchange Commission have also dampened appetite for altcoins.