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.
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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