Forex Trade Time

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Forex Trade Time

Bitcoin price today: unchanged at $69k amid Fed fears, spot Ether ETF focus :



Bitcoin prices showed minimal movement on Thursday amidst a recent surge in cryptocurrencies, driven by excitement over a potential Ether exchange-traded fund (ETF), although this enthusiasm was dampened by renewed concerns regarding high U.S. interest rates.

Fears of rising U.S. interest rates triggered significant gains in the dollar overnight, putting pressure on crypto prices across the board.

Bitcoin saw a slight decline of 0.35% over the past 24 hours, settling at $69,390 by 09:05 ET (13:05 GMT). The leading cryptocurrency returned to a trading range observed for most of the past two months, following a brief breakout earlier in the week.

Meanwhile, Ether, the second-largest cryptocurrency, remained near two-month highs reached earlier in the week, retaining much of the gains fueled by anticipation of a spot Ether ETF approval for U.S. markets. The Securities and Exchange Commission (SEC) is expected to announce its decision on the matter as early as Thursday or Friday.

Focus on Spot Ether ETF: Ether experienced a roughly 5.5% increase over the past 24 hours, reaching $3,878.84. The token underwent a significant rally this week, particularly after reports emerged on Monday indicating that the SEC had requested certain exchanges to refine their filings for spot Ether ETFs.

While this development marked progress toward potential spot ETF approval, it did not guarantee their authorization.

The SEC is now poised to review applications for spot Ether ETFs from VanEck, ARK Investment Management, and seven other issuers later on Thursday or Friday.

According to QCP Capital, approval of spot Ether ETFs in the U.S. could potentially trigger a rally of up to 60% in the second-largest cryptocurrency over the coming months.

Market Outlook: The forecast aligns with the market reaction witnessed after spot bitcoin ETFs were approved in January, as noted by the Singapore-based firm in a Thursday broadcast on Telegram. Bitcoin surged from $42,000 to over $73,000 within two weeks of the ETFs beginning to trade on January 11, according to CoinGecko data.

QCP stated, “With Friday implied volatility above 100%, the market is expecting fireworks,” further indicating, “VanEck’s ETF has been listed by the DTCC. We think approval is now highly likely with trading expected as early as next week.”

Implied volatility measures the market’s anticipation of future price fluctuations for a financial instrument.

Impact of Rate Jitters on Crypto Prices: Amidst concerns of persistently high U.S. interest rates, broader cryptocurrency markets retraced much of the gains made earlier in the week. This follows some hawkish signals from the Federal Reserve, revealed in the minutes of the Fed’s late-April meeting, which showed growing concerns among policymakers regarding sticky inflation. Some members even hinted at potential rate hikes to curb inflation.

Several Fed officials also cautioned this week that the central bank had limited confidence in the steady decline of inflation towards its 2% annual target.

While the likelihood of another rate hike remains low, any lingering inflation concerns are expected to postpone the Fed’s plans to commence rate trimming. High long-term rates are viewed unfavorably by crypto markets, which typically thrive in low-rate, high-liquidity environments.

Altcoin Performance: On Thursday, most altcoin prices experienced declines. SOL dropped by 2.5%, while XRP saw a 1% decrease. Among meme tokens, SHIB fell by 0.5%, whereas DOGE registered a slight 0.3% increase.


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