Bitcoin
pegged at $62,000 as weak dollar offers little relief By Investing.com
Investing.com– The price of Bitcoin remained unchanged on Friday as traders remained largely averse to cryptocurrency markets even as weak US labor data pulled the dollar lower and reinforced bets on eventual interest rate cuts this year.
Fears of more regulatory action against crypto have been a major drag on prices this week amid reports of more US Securities and Exchange Commission action against major crypto players. The closure of a popular privacy coin trading platform also dented sentiment.
This kept trading up 2% over the past 24 hours at $62,745.3 at 01:24 ET (05:24 GMT). An overnight drop in the dollar following weak labor data gave Bitcoin some strength.
Sustained outflows from crypto investment products — especially spot Bitcoin exchange-traded funds — have also weighed on the token over the past three weeks.
Bitcoin price unchanged in the last 7 days
The world’s largest cryptocurrency has remained largely unchanged over the past seven days and has remained comfortably in an established trading range since its decline from record highs in early March.
The token fell as low as $57,000 last week, entering a technical bear market following its March highs.
While Bitcoin has since recovered from these lows, any further gains in the currency have largely been stymied by concerns about increased regulatory scrutiny against crypto.
The closure of LocalMonero – a popular platform for peer-to-peer trading of Monero’s privacy sentiment – dented sentiment.
The SEC this week postponed the planned public listing of crypto wallet operator Exodus Movement on the New York Stock Exchange.
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This comes as trading app Robinhood Markets Inc (NASDAQ:) said it was facing potential regulatory action from the SEC over crypto tokens traded on its platform.
The SEC was also seen postponing a decision on spot Ethereum ETFs until June, and is then expected to reject applications for the offering as it is also reportedly conducting an investigation into whether the world’s No. 2 token is a security .
The regulator has similar cases against exchange Coinbase Global Inc (NASDAQ:) and issuer Ripple.
Crypto Price Today: Altcoins See Small Moves as US CPI Available
Broader cryptocurrency prices were also muted as anticipation of more signals on US interest rates from key inflation data due next week limited any major trades.
rose 0.8%, while it fell 0.7%. Both tokens traded lower during the week.
outperformed, rising more than 5% on Friday and remaining on track for moderate weekly gains.
While the weak data has spurred some optimism about possible interest rate cuts by the Federal Reserve, the central bank is only expected to do so by September – a trend that is expected to put pressure on cryptocurrency markets in the near term.