Bitcoin
recovers to $69K ahead of Fed rate decision, CPI print By Investing.com
Investing.com – The price of Bitcoin rose higher on Wednesday, recovering from a drop in the previous session when risk appetite was largely limited by the anticipation of a Federal Reserve meeting and key inflation data.
The value jumped 3.5% in the last 24 hours to $69,367.6 at 08:40 ET (12:40 GMT). It fell to $66,000 on Tuesday.
Bitcoin Volatile as Rate Jitters Affect Sentiment
Bitcoin has seen big swings in recent sessions, also rising as high as $72,000, as sentiment towards cryptocurrencies remained tense ahead of more definitive signals on US interest rates.
High fees diminish the appeal of risk-oriented assets like crypto. They also present a more difficult outlook for the sector, by keeping liquidity levels low.
This caused traders to move away from Bitcoin and other cryptocurrencies earlier this week and into assets more protected against rate jitters, such as the dollar.
Although data showed that Bitcoin and other crypto investment products saw inflows of $2 billion in the first week of June, this was not reflected in the price.
The Fed is widely expected to do so at the conclusion of a two-day meeting later on Wednesday. But the central bank could potentially present a more aggressive outlook, especially in the face of sticky inflation and a resilient labor market.
Ahead of the Fed’s decision, key data will be released on Wednesday and is also expected to show that inflation remained stable in May.
Recent jitters about the job market and inflation have caused traders to scale back bets on a rate cut in September, which has boosted and weighed on cryptocurrency prices.
Crypto Price Today: Altcoins Drive Bitcoin Into the Green
In addition to Bitcoin, major altcoins also rose later on Wednesday, recovering from declines seen earlier in the day.
The world’s number 2 token advanced more than 2% to $3,609.66, while ADA and SOL rose between 1.3% and 3.5%. Among meme tokens, DOGE and SHIB rose 2.1% each.
Bitcoin ETFs see outflows of $200 million before CPI and FOMC
Bitcoin ETFs saw outflows for the second day in a row as traders likely reduced risk ahead of key macroeconomic reports scheduled for Wednesday.
According to crypto research firm SoSoValue, the eleven ETFs recorded a combined net outflow of $200 million on Tuesday, the largest since May 1, when outflows reached $580 million. These redemptions occurred during a Bitcoin sell-off, where the asset briefly fell to $66,200 before recovering.
Grayscale’s GBTC led the outflows, accounting for $120 million and continuing its trend as the worst-performing ETF in outflows since its launch in January, accumulating a total of $18 billion in outflows.
Other ETFs, including Ark Invest’s ARKB, Bitwise’s BITB, Fidelity’s FBTC and VanEck’s HODL, saw outflows ranging from $56 million to $7 million. Neither ETF reported any inflows.
Investors attributed these outflows to precautionary measures ahead of the CPI reading and the conclusion of the two-day Federal Open Market Committee (FOMC) meeting, during which the Federal Reserve’s monetary policy decisions will be announced.
“Markets are [in] risk mode ahead of CPI and FOMC tomorrow. This month’s FOMC will also release the Dot Plot, which tells the market how many cuts the Fed anticipates for the rest of 2024,” QCP Capital said in a message broadcast on Tuesday.
However, the optimistic long-term outlook remains unchanged, QCP 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.
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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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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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