Bitcoin price moved marginally on Thursday as a recent rally in cryptocurrencies, on hype over a potential spot Ether exchange-traded fund, was largely undermined by renewed fears of high U.S. interest rates.
As Bitcoin teeters near $70,000, analysts are closely watching a critical supply zone for the largest cryptocurrency. This range is crucial because it represents a key area where a substantial amount of Bitcoin was acquired.
Ether was set for its largest two-day gain in nearly two years and bitcoin approached a record high on Tuesday on speculation about the outcome of applications for U.S. spot exchange-traded funds that track the world’s second-biggest cryptocurrency.
Bitcoin price moved little on Monday after rebounding over the weekend, although the token still remained rangebound amid persistent caution over the outlook for U.S. interest rates.
Bitcoin price jumped on Thursday, benefiting from a weaker dollar after some relatively softer consumer inflation readings for April, although the token remained comfortably rangebound as sentiment towards crypto remained subdued.
The latest Bitcoin halving, which slashed the block reward from 6.25 BTC to 3.125 BTC, has forced less efficient mining rigs offline as miner revenues dropped to levels equivalent to a Bitcoin price of around $30,000, BTIG said in a research report on Wednesday.
Bitcoin is showing the potential for a significant recovery, driven by recent ETF activities and price stabilization. According to SoSoValue, the Hong Kong Bitcoin Spot ETF saw a net redemption of 519.5 Bitcoins on May 13, bringing the total number of Bitcoins held to 3,560. This ETF has experienced net redemptions for three consecutive days, with…
The surge in demand for Bitcoin has coincided with significant selling of gold ETFs, which experienced outflows of $7.7 billion over the same period, even as the price of gold reached an all-time high of $2,200 per troy ounce.
London, UK, May 10th, 2024, Chainwire Kintsu, a leading innovator in the DeFi space, is thrilled to announce the launch of its highly anticipated Testnet on May 13th. This exclusive event invites a select group, including the Kintsu OGs, to pioneer a new era in liquid staking on the cutting-edge Aleph Zero blockchain.
Bitcoin (BTC), the pioneer digital asset, is once again at the center of attention as renowned analyst Michaël van de Poppe issues a cautionary note. Van de Poppe, a prominent voice in the crypto sphere, recently took to X to express concerns about the current BTC price position, suggesting the potential for a significant downturn.
