#Bitcoin prices declined on Friday, further retreating from earlier weekly highs as concerns about prolonged high U.S. interest rates overshadowed significant progress in the U.S. approval of exchange-traded funds directly tracking Ether.
#Despite retaining some weekly gains, Bitcoin returned to the $60,000 to $70,000 trading range observed for over two months. It also pared much of its weekly gains on Thursday and Friday. As of 01:45 ET (05:45 GMT), Bitcoin had fallen 3.2% in the past 24 hours to $67,215.9.
#Ether Dips but Remains Up for the Week Amid SEC Approval of #Spot ETFs
Ether, the world’s second-largest cryptocurrency, dropped 1.2% to $3,748.97 due to some profit-taking. However, it was still up 21% over the past seven days, primarily driven by the Securities and Exchange Commission’s (SEC) approval of applications from several major exchanges to list a spot #Ether ETF.
The SEC approved applications from the Nasdaq, CBOE, and NYSE to list ETFs that will directly track Ether’s #price. This step signifies progress towards the eventual approval of a spot #ETF for trade, though the SEC must now review applications from fund managers. These applicants include VanEck, ARK Investment Management, and seven other issuers.
Speculation about the #SEC’s approval boosted Ether prices throughout the week, with the actual approval causing brief gains in the token.
Crypto Prices Today: #US #Rate #Fears Dampen Optimism
Fears of prolonged high U.S. interest rates significantly pressured crypto markets. Hawkish signals from the Federal Reserve revealed increasing concern among policymakers over persistent inflation.
#Several Fed members indicated that inflation would likely take longer to reach the central bank’s 2% annual target. Minutes from the Fed’s late-April meeting showed that some policymakers were even considering further interest rate hikes.
This outlook led traders to largely dismiss expectations for any rate cuts this year. According to the CME #Fedwatch tool, traders saw a nearly equal probability of a rate cut or a hold in September, at around 46%.
Prolonged high rates are generally unfavorable for cryptocurrencies, which typically thrive in low-rate, high-liquidity environments. This sentiment, combined with a rebound in the #dollar, pressured the markets.
#Solana and XRP fell 5.7% and 0.5%, respectively. Meme tokens SHIB and #DOGE declined by 3.9% and 0.3%, respectively.
.
#everyday_information #forex #option #Binary_Option #trading #trader #goldstocks #forextrader #fx_trade_time #fxttime #USDollar #euro #JPY #GBP #chfcurrency
#dubai #UAENews #ksasaudiarabia #Syrian #iraq #kuwait #jordan #morocco #Libya #tunisia #algerian #Egypt #qatar #lebanon
#كل_يوم_معلومه #فوركس #خيارات_ثنائيه #تداول_عملات #بورصه #ذهب #فوركس_تريد_تايم #اف_اكس_تريد_تايم #دولار #يورو
#دبي #امارات #السعوديه #سوريا #العراق #الكويت #الاردن #المغرب #ليبيا #تونس #الجزائر #مصر #قطر #لبنان
.
www.fxttime.com/trade