Bitcoin
Steady at $67,000 as rate fears favor the dollar By Investing.com
Investing.com– The price of Bitcoin was little changed in Asian trade on Friday, while broader cryptocurrency prices fell as forecasts of fewer interest rate cuts from the Federal Reserve caused traders to if they returned largely to the dollar.
Further progress towards a spot Ether exchange-traded fund has also done little to bolster sentiment towards cryptocurrency markets.
fell 0.9% in the last 24 hours to $67,030.4 at 01:56 ET (05:56 GMT). The token fell to $66,000 on Thursday as the dollar rebounded sharply from one-month lows.
The token was also heading for weekly losses as rising fears of high interest rates largely offset improved capital flows into crypto investment products.
MicroStrategy Incorporated’s (NASDAQ:) plans to buy more Bitcoin through a $500 million bond issue also failed to stimulate much price action.
Bitcoin Heads for Weekly Losses as Fee Fears Rise
The world’s largest cryptocurrency was trading down 3.3% over the past seven days as angst over higher US interest rates hurt the outlook for the crypto.
While weaker-than-expected US inflation data initially hurt the dollar, Bitcoin received little support from this trend after the Fed said it only saw the possibility of an interest rate cut this year, compared to previous predictions of three cuts.
This caused traders to eliminate a large portion of expectations of multiple rate cuts, which weighed on speculative assets such as crypto in particular. High rates bode ill for crypto as they limit overall liquidity conditions and also dissuade bets on speculative and high-risk assets.
The dollar benefited from this negotiation, recovering from a one-month low
Crypto Price Today: Ether Unenthusiastic About ETF Progress
Broader cryptocurrency prices have swung in a stable to bearish range as concerns about high interest rates largely offset some positive developments toward a spot Ether ETF.
rose 0.2% to $3,515.79 and was the only positive altcoin trade. Securities and Exchange Commission Chairman Gary Gensler said in testimony before the Senate that he expected spot Ether ETFs to be fully approved by the regulator by the summer.
The token rose as much as 1% but quickly erased most of the gains in late Thursday trading.
Other altcoins have largely fallen. and lost more than 2% each.
Among memecoins, they fell by around 0.5% each.