News
stable at $67,000 as rate fears favor dollar From Investing.com
Investing.com– The price of Bitcoin was little moved in Asian trade on Friday, while broader cryptocurrency prices fell as forecasts for smaller interest rate cuts from the Federal Reserve saw traders pivot largely to part on the greenback.
Even further progress towards a spot Ether exchange-traded fund has done little to support sentiment towards cryptocurrency markets.
fell 0.9% over the past 24 hours to $67,030.4 as of 01:56 ET (0556 GMT). The token fell to as low as $66,000 on Thursday as the dollar rebounded sharply from one-month lows.
The token was also set to suffer weekly losses, as growing fears of high interest rates largely offset improving capital flows into crypto investment products.
MicroStrategy Incorporated’s (NASDAQ:) plans to buy more Bitcoin by issuing $500 million in bonds also failed to spur much price action.
Bitcoin heads for weekly losses as rate concerns grow
The world’s largest cryptocurrency has traded 3.3% lower over the past seven days, as anxiety over long-term U.S. interest rates dented the outlook for cryptocurrencies.
While weaker-than-expected US inflation data had initially dented the dollar, Bitcoin received little support from this trend after the Fed said it sees the possibility of only one interest rate cut this year, compared to forecasts precedents for three cuts.
This has seen traders discount much of their expectations for multiple rate cuts, which have particularly weighed on speculative assets such as cryptocurrencies. High rates do not bode well for cryptocurrencies, as they limit overall liquidity conditions and also discourage betting on speculative and high-risk assets.
The dollar benefited from this trade, rebounding from a one-month low
Cryptocurrency Price Today: Ether Unenthusiastic About ETF Progress
Broader cryptocurrency prices moved in a flat-to-low range as concerns over high interest rates more than offset some positive developments toward a spot Ether ETF.
rose 0.2% to $3,515.79, and was the only altcoin trading in the green. Securities and Exchange Commission Chairman Gary Gensler said in testimony before the Senate that he expects spot Ether ETFs to be fully approved by the regulator by the summer.
The token rose as much as 1%, but quickly reaped the bulk of the gains in late trades on Thursday.
Other altcoins have largely collapsed. , and they lost more than 2% each.
Among memecoins, each fell about 0.5%.