Bitcoin
Flat at $69K as Rate Fears Rise Ahead of FOMC, CPI By Investing.com
Investing.com – The price of Bitcoin remained mostly stable on Monday after a sharp drop over the weekend saw the cryptocurrency pull back from recent highs, with a direct focus on more key signals about US interest rates.
The world’s largest cryptocurrency reached US$72,000 last week, coming very close to the record highs reached in March. But then it saw a heavy dose of profit taking and weakness from Friday following the dollar’s recovery.
fell 0.3% in the last 24 hours to $69,446.5 at 08:51 ET (12:51 GMT).
Bitcoin price stabilizes with Fed meeting, CPI in focus
Bitcoin’s weekend decline came on the heels of a warmer-than-expected reading that caused traders to largely rethink recent bets that the Federal Reserve would begin cutting rates in September.
This notion boosted , which in turn weighed on broader cryptocurrency prices.
The payrolls reading also brought an upcoming Fed meeting into focus, with the central bank widely expected to do so at the conclusion of a two-day meeting on Wednesday.
But the Fed’s outlook on rates will be closely watched.
Ahead of the Fed’s rate decision, inflation data will also be released on Wednesday. The reading is expected to show that inflation remains well above the Fed’s 2% annual target, giving the central bank little confidence to start cutting rates.
Higher rates for longer bode poorly for Bitcoin and broader cryptocurrencies, given that the sector generally benefits from increased liquidity and flexible lending conditions.
Crypto Price Today: Altcoins Largely in Red
Broader crypto markets also suffered sharp losses over the weekend as fears of high rates weighed on the sector. They were also hit by profit taking after some gains in May.
The world’s No. 2 token fell 0.6% to $3,680.27 on Monday after losing nearly 4% on Friday.
and rose 0.7% and 0.1%, respectively, while falling 1.5%. Among meme coins, and fell 1.3% and 1.8% respectively.
Bitcoin ETFs saw weekly inflows of $2 billion; ETH could reach $10,000 in 2024, traders say
Crypto investment products saw nearly $2 billion in inflows last week, extending a five-week streak to more than $4.3 billion, asset manager CoinShares said in a Monday report.
Exchange-traded products (ETPs) trading volumes increased to $12.8 billion for the week, a 55% increase from the previous week. Bitcoin led the way with inflows of over $1.97 billion, while Ether had its best week since March with nearly $70 million in inflows.
Interest in US spot bitcoin exchange-traded funds (ETFs) has surged since mid-May following a slow April that saw zero net inflows on some days and even outflows from key products like BlackRock’s (NYSE: IBIT) IBIT. ). . Since then, flows have increased, making IBIT the largest bitcoin ETF, accumulating more than $20 billion in assets since its launch in January.
“Unusually, inflows were observed across nearly all providers, with a continued slowdown in outflows from incumbents,” the CoinShares note said. “Positive price action has seen total assets under management (AuM) rise above the $100 billion mark for the first time since March this year.”
Butterfill noted that the increase in ETH buying was likely in response to the SEC’s unexpected decision to allow spot ether ETFs.
Meanwhile, some traders anticipate that inflows into ETH products will continue in the coming months, with a potential recovery expected later in the year.
“$5-10 billion in new capital could be channeled through Ether products in the short to medium term,” digital asset manager Tyr Capital told CoinDesk. “This could drive a year-end rally in ETH and its ecosystem to new highs.”
“A price target of $10,000 in 2024 is now a reasonable target, especially when other supporting factors, such as ETH now being deflationary, are taken into account,” he added.
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
Getty Images
The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Bitcoin
Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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