Bitcoin’s price stabilized on Tuesday, hovering just below critical levels. The dollar’s weakness, driven by speculation about potential interest rate cuts by the Federal Reserve, has sparked some flows into cryptocurrency markets.
Bitcoin rose 0.8% over the past 24 hours, reaching $69,049.3 by 01:50 ET (05:50 GMT). The world’s largest cryptocurrency was now about 2% away from breaking out of the $60,000 to $70,000 trading range that it has been stuck in since mid-March. However, it remains uncertain whether Bitcoin can consistently maintain levels above $70,000.
Bitcoin Capital Inflows Increase in May
Data from digital asset manager CoinShares on Monday showed that digital asset investment products experienced inflows for the fourth consecutive week in the seven days leading up to June 3. This brought total inflows for May to $2 billion. Bitcoin accounted for a significant portion of these inflows, while Ether, the second-largest cryptocurrency, also saw increased capital inflows following the Securities and Exchange Commission’s approval of exchange-traded funds (ETFs) that directly track Ether.
These inflows indicate improved sentiment towards cryptocurrencies after experiencing extended outflows in April. Despite this, overall trading volumes and daily turnover in crypto investment products remain weak. Nonetheless, more countries are approving spot ETFs that track cryptocurrencies. A spot Bitcoin ETF went live in Australia on Tuesday, following a similar launch in Hong Kong last month.
Crypto Prices Today: Rate Cut Bets Offer Some Support
Broader cryptocurrency markets posted gains this week as risk appetite improved on the prospect of eventual rate cuts by the Federal Reserve. Weak U.S. purchasing managers index data has led traders to increase bets on a September rate cut. Lower interest rates tend to benefit risk-heavy, speculative assets like cryptocurrencies.
Broader crypto market gains on Tuesday were driven by speculation over interest rate cuts, which dragged the dollar to two-month lows. Ether, the world’s second-largest cryptocurrency, fell 1.4% to $3,762.49, seeing some profit-taking after rallying sharply through May. SOL and XRP each rose about 0.4%. Among memecoins, SHIB and DOGE fell 4% and 1.6%, respectively, also experiencing profit-taking after strong gains in May.
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