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Bitcoin price today: rises toward $71k amid rate cut hopes, strong ETF inflows



Bitcoin prices surged higher on Wednesday, driven by increasing expectations of U.S. interest rate cuts amidst continuous weak economic data and a resurgence of inflows into spot Bitcoin exchange-traded funds (ETFs).

This trend also bolstered broader cryptocurrency prices, as capital inflows into the sector have increased over the past month. The launch of spot Bitcoin ETFs in Australia also suggested more capital inflows in the near term.

Additionally, a decline in the dollar this week has supported the crypto markets.

Bitcoin increased by 3% over the past 24 hours, reaching $70,986.9 by 09:00 ET (13:00 GMT).

Bitcoin Breaks Out of Trading Range, Approaches Record Highs

The world’s largest cryptocurrency broke out of the $60,000 to $70,000 trading range it had been in since mid-March and is now trading about $3,000 away from a new record high.

A combination of profit-taking, concerns over high interest rates, and waning optimism over Bitcoin ETFs had kept Bitcoin within this range after it hit record highs in early March. However, interest in cryptocurrency appears to be picking up, especially with the potential for lower interest rates this year.

Risk-heavy assets like cryptocurrencies generally benefit from lower interest rates, as increased liquidity leads to more speculative trading.

Crypto Prices Today: Altcoins Rise Amid Rate Cut Speculation

Broader altcoin prices also advanced on Wednesday, as weak U.S. economic data increased expectations of eventual interest rate cuts by the Federal Reserve.

Ether, the world’s second-largest cryptocurrency, climbed 1.5%, while SOL, XRP, and ADA rose between 0.9% and 5%.

Among meme tokens, SHIB surged 7.3%, while DOGE added 2.3%.

Expectations for a rate cut in September grew following weaker-than-expected job openings data on Tuesday. This was preceded by weak purchasing managers index data and a downward revision of U.S. gross domestic product for the first quarter.

While these readings have increased bets on a September rate cut, attention this week remains focused on the upcoming nonfarm payrolls data for more definitive signals on the labor market and interest rates.

Bitcoin ETFs Attract $880 Million in a Day, Highest Since March

U.S.-listed spot Bitcoin ETFs saw substantial inflows of more than $880 million on Tuesday, primarily driven by Fidelity, according to provisional data released on Wednesday.

Fidelity’s FBTC ETF saw the largest inflows at $378 million, followed by BlackRock’s IBIT with $270 million, and Grayscale’s GBTC with $28 million. This marked the best inflow day since March and the second-highest overall since the launch of 11 Bitcoin ETFs in January.

According to a Bloomberg analyst, Bitcoin ETFs have accumulated $3.3 billion over the past four weeks, pushing their year-to-date net inflows past $15 billion.

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