Bitcoin
rises to $68,500 before PCE test, with positive May forecast By Investing.com
Investing.com – The price rose slightly on Friday as traders remained averse to cryptocurrencies ahead of key US inflation data that is likely to influence the interest rate outlook, although the token was still making strong gains in May.
Cryptocurrency prices got little relief from the overnight decline in , as fears of higher interest rates for longer remained in play despite a downward revision to first-quarter data.
Bitcoin is up 1.1% in the last 24 hours to $68,558.5 at 08:32 ET (12:32 GMT), and is expected to rise almost 13% in May.
But despite the month’s gains, the token still remained within the $60,000 to $70,000 trading range established since mid-March.
Inflation and interest rates in focus ahead of PCE data
Fears over rates were the biggest factor behind Bitcoin’s limited performance, as the prospect of high interest rates dampened the price outlook for the token and the broader crypto market.
Several Federal Reserve officials warned in recent sessions that the central bank had little confidence that inflation was slowing, which in turn clouded its plans to begin cutting interest rates.
His comments came ahead of the headline data, which is the Fed’s preferred inflation gauge. The reading will be released later this Friday and is expected to show that inflation cooled slightly in April but remained well above the Fed’s 2-year annual target. .
The prospect of high rates for longer periods is little bothersome for crypto markets, as it heralds tight liquidity and diminishes the appeal of high-risk speculative assets.
Crypto Price Today: Altcoins Mixed, Ether Set for May Bump Due to ETF Hype
The broader crypto markets had mixed performance on Friday.
The world’s No. 2 token rose more than 1.7% to $3,807.08. But the altcoin was expected to rise nearly 25% in May, with most of its gains coming last week after the Securities and Exchange Commission marked some progress toward approving an exchange-traded fund that directly tracks the token. But a decision on the actual listing of a spot Ether ETF has not yet been made.
Meanwhile, it traded flat while adding 1.5%. SOL also stood out in April, with an increase of 30%.
TRUMP meme coin sees volatility as former US president found guilty
A New York jury has found former US President Donald Trump guilty in the much-discussed hush money trial.
Following the news, the TRUMP meme coin quickly dropped by as much as 35%. However, the crypto asset subsequently recovered and was trading up 19% at the time of writing.
On Thursday, the jury found Trump guilty of all 34 counts of falsifying business records, making him the first US president convicted of a crime.
Meanwhile, other meme coins saw limited price action, remaining stable and falling 0.3%. However, it was trading 10% higher.
Bitcoin
Big Tech Outperforms Bitcoin (BTC) as Trump Deal Weakens Token
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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Bitcoin
Why Trump Wants the US Government to Have a “National Stockpile” of Bitcoin
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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