Page 164«..1020..163164165166..170180..»

Bitcoin analyst sees ‘several more weeks’ before BTC price breaks $70K – Cointelegraph

Bitcoin (BTC) stayed near key BTC price levels into the May 26 weekly close as weekend trading focused on $69,000.

Data from Cointelegraph Markets Pro and TradingView showed strong performance by BTC/USD, which briefly passed $69,500 before consolidating.

Weekend upside, which some market observers predicted, nonetheless remained capped by familiar resistance zones.

As price is ranging around ~$69K, there's some liquidity building up on both sides, popular trader Daan Crypto Trades wrote in part of his latest analysis on X (formerly Twitter).

An accompanying chart showed liquidity concentrations for the BTC/USDT perpetual swaps pair on largest global exchange Binance.

Across BTC order books, however, liquidity was increasing around spot price, leading to lower volatility but upping the odds of a liquidity raid later.

Continuing, Keith Alan, co-founder of trading resource Material Indicators, stressed the importance of flipping $69,000 to support.

Bitcoin lost $69k again. It's our strongest and most important resistance level on the chart, part of his latest X post stated.

Alan acknowledged that United States markets would be closed on May 27 for the Memorial Day holiday.

On the topic of resistance, meanwhile, popular trader and analyst Rekt Capital cast the spotlight on ground above $71,000.

Related:Bitcoin RSI copies 2017 bull run as trader says $75K key for BTC price

Updating X subscribers on BTC price action after the April block subsidy halving, he confirmed that the market had exited the danger zone which tends to accompany such events.

Despite this, bulls are not out of the woods yet.

Since the Bitcoin Post-Halving Danger Zone ended, Bitcoin broke out to $71500. However, ~$71500 is where the Range High resistance of the Macro Re-Accumulation Range is and this is where Bitcoin rejected from, Rekt Capital explained.

Were that to happen, the May monthly close could still close red, falling in line with the previous three years, per data from monitoring resource CoinGlass.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Continue reading here:
Bitcoin analyst sees 'several more weeks' before BTC price breaks $70K - Cointelegraph

Read More..

Donald Trump Promises To Protect the Future of Bitcoin and Crypto in the United States, Says He Supports Right to … – The Daily Hodl

Former President Donald Trump is continuing to express his support for the crypto industry, saying that he will protect the right of 50 million Americans to self-custody digital assets.

Speaking to his supporters in Washington D.C., the 2024 Republican candidate says that hes going to crush the Biden Administrations anti-crypto stance.

Trump goes on to say he will keep Americans crypto safe from Democrat Senator Elizabeth Warren, known for drafting anti-crypto legislation, as well as never allow the government to create a central bank digital currency (CBDC).

I will also stop Joe Bidens crusade to crush crypto, were going to stop it. I will ensure that the future of crypto and the future of Bitcoin will be made in the USA, not driven overseas.

I will support the right to self-custody to the nations 50 million crypto holders. I say this with your vote. I will keep Elizabeth Warren and her goons away from your Bitcoin, and I will never allow the creation of a central bank digital currency.

Earlier this month, Trump went after the crypto vote by announcing that hes fine with digital assets, simultaneously calling out Democrats and Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC), saying they are anti-crypto.

Later on, he announced that his campaign would be accepting crypto donations in the forms of popular virtual currencies such as BTC, Ethereum (ETH), Dogecoin (DOGE), XRP, Solana (SOL) and Shiba Inu (SHIB).

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

Generated Image: Midjourney

See original here:
Donald Trump Promises To Protect the Future of Bitcoin and Crypto in the United States, Says He Supports Right to ... - The Daily Hodl

Read More..

BTC price preps ‘most parabolic phase’ 5 things to know in Bitcoin this week – Cointelegraph

Bitcoin (BTC) starts a new week pressuring key resistance as the May monthly close looms.

BTC price action is keeping bulls on their toes, as old all-time highs prove hard to flip to resistance. Can $69,000 fall by June?

A quiet start to the week sees Memorial Day in the United States keep institutional activity off the table until May 28.

Later, however, macroeconomic catalysts heat up in the form of U.S. data prints, which, as always, form a key focal point for crypto and risk assets.

Meanwhile, Bitcoin has its own hurdles to contend with consolidation below all-time highs has been ongoing for over two months, and a resolution of the status quo remains elusive.

Plenty of optimistic BTC price predictions are circulating, some including a six-figure target for BTC/USD in 2024, but concerns of a deeper retracement linger in the background.

As the market sits at a critical point, Cointelegraph takes a look at the factors set to potentially move them as May comes to an end.

Bitcoin saw a classic spate of weekend price action, heading above $69,000 but retracing after the weekly close, data from Cointelegraph Markets Pro and TradingViewconfirms.

In so doing, it effectively closed its latest gap in CME Group Bitcoin futures markets even with the U.S. closed for the Memorial Day holiday.

Basic weekend price action so far, popular trader Daan Crypto Trades wrote in a response on X (formerly Twitter).

The weekly close, which came in at around $68,500, was nonetheless Bitcoins strongest since the start of April.

Commenting on the latest developments, trading resource Material Indicators stressed the need to turn $69,000 into solid support.

A green Weekly close for BTC is met with another failed attempt to R/S flip $69k and a new Trend Precognition (down) signal on the W chart, part of an X post read, referring to one of Material Indicators proprietary trading tools.

The latest data from monitoring resource CoinGlass meanwhile shows key areas of liquidity built up around spot price leaving traders to guess which will be taken first.

At the time of writing on May 27, $68,100 and $69,800 were key levels of interest, the latter in the middle of a cloud of liquidity across order books.

Bitcoin aims to consolidate in these levels, Michal van de Poppe, founder and CEO of trading firm MNTrading, summarized on the day.

Where Bitcoin heads once it leaves its current range is a major preoccupation for some market observers.

Consensus is forming over a break to the upside, but how high the market will go remains a topic of debate.

As Cointelegraph reported, calls for $95,000 in June and even $150,000 by the end of the year are being reinforced by their respective sources.

Popular commentator BitQuant, the originator of the former prediction, last week suggested that BTC price dips within the range should be ignored.

The only thing I'm confident about is that Bitcoin is going to $95K, part of another X post insisted.

Daan Crypto trades meanwhile acknowledged the historical precedent is on bulls side long periods of consolidation below all-time highs have resulted in bull market breakouts in previous BTC price cycles.

Has now been trading against its previous cycle high for ~11 weeks. In 2017 this took ~4 weeks. In 2013 this took ~13 weeks, he calculated.

Some, however, still have a larger correction as their base case.

Among them is popular trader Credible Crypto, who continues to eye the area around $60,000 as likely coming next.

Into the weekend, Material Indicators added that it was fully prepared for $60,000 to make a comeback.

Currently not much liquidity based sentiment for sub $60k so expecting to range for an extended period of time, it concluded.

For popular trader and analyst, the latest Bitcoin block subsidy halving is not priced in.

In a YouTube video last week, Rekt Capital argued that despite having come and gone last month, the halving remains an extremely relevant BTC price catalyst.

Bitcoin, he says, is still in a post-halving re-accumulation phase and the consolidation it brings has historically lasted for up to 160 days.

The longer we can consolidate here, the better for Bitcoin, the video stated.

Rekt Capital nonetheless said that upside continuation inevitably ensues once such phases are complete.

For this most parabolic phase of the cycle, he continued, a BTC price target of approximately $150,000 is appropriate.

This weekend, meanwhile, he suggested short-term sideways BTC price action may need several weeks to resolve.

With U.S. markets closed until May 28, Bitcoin has little impetus for major outside volatility during Wall Street hours.

The Asia trading session produced no surprises, and attention thus focuses on the end of the week.

Here, U.S. macro data prints return, headlined by the Producer Price Index (PCE) known as the Federal Reserves preferred inflation gauge.

The mood when it comes to risk assets benefitting from loosening Fed policy remains conservative. Interest rate cuts are not expected until September or later, and other inflation data remains mixed.

Despite this, U.S. stocks continue to hit all-time highs.

Short but busy week ahead, trading resource The Kobeissi Letter wrote while acknowledging the stocks trend in its weekly macro diary dates entry on X.

Commenting on tendencies on both stocks and Bitcoin, trading firm Mosaic asset saw mixed conditions ultimately favoring risk-on sentiment.

Daily momentum indicators like the S&P 500s MACD and RSI are extended, indicating the potential for mean reversion lower. While I would not be surprised to see a partial retracement of the recent gains in the stock market, I expect any downside is just a pause in the bull market, it wrote in one edition of its regular newsletter, The Market Mosaic, on May 23.

Mosaic likewise swayed toward an upside breakout for BTC/USD to come.

Risky asset classes are particularly sensitive to easing conditions, which is why Im closely following the action in Bitcoin and crypto mining stocks for additional confirmation that the bull market is intact, it continued, noting Bitcoins two-month consolidation.

When it comes to buying the dip, some Bitcoin investor cohorts are wasting no time below $69,000.

Related: Traders hope for insane pump as altcoins approach key resistance levels

In focus this week are Bitcoin whales, the largest of these, who have been especially active as price has advanced and stayed near all-time highs.

Bitcoin whales have been buying like never before, Vivek Sen, founder of Bitcoin public relations firm Bitgrow Lab, commented alongside data from on-chain analytics platform CryptoQuant.

The data shows the balance of whale addresses active within the last 24 hours at nearly half a million BTC easily the largest on record.

Cointelegraph continues to report on whale interest in Bitcoin, with CryptoQuant describing them as being in acceleration mode earlier this month.

Bitcoin demand growth seems to be stabilizing after being in a decelerating trend since March, it found.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Read the rest here:
BTC price preps 'most parabolic phase' 5 things to know in Bitcoin this week - Cointelegraph

Read More..

Bitcoin price today: hovers around $68k, Ether gains on spot ETF progress – Investing.com

Investing.com-- Bitcoin was little changed on Monday as concerns over high interest rates persisted ahead of key U.S. inflation data due later this week, while Ether saw an extended rally on progress towards a spot exchange-traded fund.

Broader crypto prices were also largely subdued, as traders remained biased towards the dollar amid waning optimism over interest rate cuts by the Federal Reserve this year.

was down 1.2% in the past 24 hours to $68,354.5 by 07:49 ET (11:49 GMT), remaining within a trading range established over the past two months.

But world no. 2 token was trading near two month highs, up 2.2% to $3,897.5.

The worlds second-largest crypto token saw a major boost over the weekend after the Securities and Exchange Commission approved applications from several major exchanges for the listing of ETFs that directly track the price of Ether.

The approval now opens the door for the SEC to engage with fund operators including VanEck, ARK Investment Management and seven other issuers who have applied to list their spot Ether ETFs.

Analysts expect the approval of spot ETFs to trigger a sharp rally in Ether, similar to one seen in Bitcoin after the approval of spot Bitcoin ETFs earlier this year.

But Bitcoin has largely tread water in recent months after initial enthusiasm over the ETFs ran dry. Capital flows into Bitcoin ETFs were also seen stagnating in recent weeks.

Fears of high for longer U.S. interest rates were a key point of pressure on crypto markets in recent weeks, especially after a string of Federal Reserve officials warned that sticky inflation will delay any plans to cut rates.

This notion kept price moves in altcoins largely muted with moving lower while pushed higher.

Meme token shed 1.6% while was up around 3%.

Focus this week is squarely on data- the Feds preferred inflation gauge.

The reading is widely expected to factor into expectations for interest rates.

Still, traders were seen largely pricing out bets on a rate cut in September, according to the .

Read more:
Bitcoin price today: hovers around $68k, Ether gains on spot ETF progress - Investing.com

Read More..

Meme coins hit records as bitcoin kicks off the week in the red – Investing.com

Investing.com -- briefly climbed above the $69,000 threshold before quickly pulling back as traders started looking elsewhere for higher returns in fringe tokens known as memecoins.

Two tokens within the ecosystem, and MOG, soared to record highs on Monday, continuing the impressive rallies from last week. These gains also coincided with a nearly 5% rise in ether. The surge followed the U.S. approval of key ether exchange-traded fund filings, prompting traders to consider meme tokens as beta bets.

The rise is part of a broader meme coin rally, with most meme-based cryptocurrencies trading in the green. The sector saw a surge in interest over the last few weeks after legendary trader and investor Roaring Kitty returned to the trading world following a three-year absence.

Moreover, the number of addresses holding meme coins for less than thirty days reached a record high last month, which indicates a massive influx of new traders entering the market.

Traders have been considering PEPE and MOG as leveraged ways to gain exposure to ether. The rally in these tokens began when analysts increased the probability of ether ETFs being approved for trading in the U.S.

In the past 24 hours, frog-themed PEPE and cat-themed MOG gained 11% and 45%, respectively, as the beta bet narrative gained traction. A beta bet allows investors to gain exposure to a main asset by investing in related networks or protocols. Trading volumes for PEPE across spot and futures markets reached over $1.8 billion, well above the usual $400 million to $600 million range.

Futures data revealed a massive increase in open interest for instruments tracking PEPE and MOG in the past 24 hours. PEPE's open interest climbed to $720 million from last weeks $550 million, and MOG's rose to $8.3 million from $5 million. An increase in open interest is typically seen as an indicator of new capital entering the market, potentially leading to more price volatility.

Despite the bullish sentiment, the long-to-short ratio for PEPE is tilted towards bears at 54%, indicating that traders are largely betting against further price increases.

PEPE even entered the top 20 largest tokens by market capitalization, surpassing $6 billion, and provided early investors decent returns from initial investments as low as $460. Since 2023, meme tokenstypically perceived as having no intrinsic value but enjoying sizable followings have risen in prominence as beta bets on their respective ecosystems.

More:
Meme coins hit records as bitcoin kicks off the week in the red - Investing.com

Read More..

Bitcoin Price Prediction as Biden’s Decision on SEC Crypto Rules Looms Will BTC Rally? – Cryptonews

As the deadline for President Bidens decision on the SECs cryptocurrency regulations approaches, Bitcoins market response remains cautious. Currently trading at $68,400, the cryptocurrency has experienced a slight decline of 0.50%.

This movement could indicate a bearish trend in Bitcoin price predictions, suggesting that investors are weighing the potential impacts of regulatory changes on the digital assets value.

President Joe Biden is approaching a crucial deadline to decide on a resolution that could overturn the U.S. Securities and Exchange Commissions (SEC) Staff Accounting Bulletin 121 (SAB 121).

The resolution, which has already been approved by both the House of Representatives and the Senate, is threatened with a veto by the White House.

President Biden has until June 3 to act on the Congressional decision, which challenges the SECs controversial crypto regulations intended to govern the handling of digital assets by brokers.

The Chamber of Digital Commerce outlines three potential actions President Biden could take: veto the resolution, sign it into law, or do nothing and let the resolution become law by default if Congress is in session.

A presidential veto would likely be the final step in the effort to overturn SAB 121, as Congress probably lacks the two-thirds majority required to override a veto.

If signed or left unsigned with Congress in session, the resolution would nullify SAB 121, preventing the SEC from implementing a similar rule in the future.

This decision is pivotal for the cryptocurrency market, including Bitcoin, as it will influence how digital assets are regulated in the United States. The outcome could impact investor confidence and market stability, as clear regulatory frameworks are often seen as essential for the mainstream adoption of cryptocurrencies.

Additionally, the House has moved forward with the Financial Innovation and Technology for the 21st Century (FIT21) Act, which aims to establish a more comprehensive regulatory framework for digital assets.

The Biden administration has shown a willingness to collaborate with Congress on this issue, suggesting a possible softening of its stance towards crypto regulation.

Bitcoin is currently trading at $68,400, marking a modest drop of 0.50%, signalling a bearish Bitcoin price prediction. The digital currency sits just above its pivotal point at $68,500, which is critical in determining its short-term movement.

Bitcoins immediate resistance levels are $69,600, followed by $70,650 and $71,950. These markers represent key hurdles that Bitcoin needs to overcome to sustain an upward trajectory.

On the downside, immediate support lies at $67,265, with further cushions at $66,380 and $65,144. These levels are vital for holding Bitcoins price in case of a downturn.

Technical indicators suggest a nuanced picture. The Relative Strength Index (RSI) is at 47, indicating a neutral market sentiment that leans neither towards overbought nor oversold conditions.

Meanwhile, the 50-day Exponential Moving Average (EMA) stands at $68,737, slightly above the current price, hinting at potential resistance.

The technical landscape for Bitcoin shows a currency at a crossroads, with potential shifts heavily reliant on its ability to maintain or breach the $68,500 level.

Read the original post:
Bitcoin Price Prediction as Biden's Decision on SEC Crypto Rules Looms Will BTC Rally? - Cryptonews

Read More..

Bitcoin (BTC) News Today: Fed Rate Outlook Weighs on BTC, Trump’s Support Unheeded – FX Empire

According to the CME FedWatch Tool, the probability of the Fed standing pat in September increased from 35.2% to 50.2% in the week ending May 24.

US-BTC-spot ETF market flow data reflected in the effects of the Fed rate path on demand for BTC. Net inflows trending lower on Wednesday and Thursday. Nevertheless, the BTC-spot ETF market recorded total net inflows of $1,056.7 million in the week ending May 24, supporting BTC at current price levels.

US consumer confidence numbers (May 28) and the US Personal Income and Outlays Report (May 31) could further influence sentiment toward the Fed rate path. An unexpected pickup in consumer confidence, upward trends in personal income/spending, and sticky inflation may sink bets on a September Fed rate cut.

Market sentiment toward the Fed rate path overshadowed Republican Party front-runner Donald Trumps support for the crypto market.

However, ethereum (ETH) had a contrasting Sunday session, gaining 2.01% to end the week up 24.59% to $3.826. Progress toward a US ETH-spot ETF market drove buyer demand for ETH.

BTCsat above the 50-day and 200-day EMAs, sending bullish price signals.

Originally posted here:
Bitcoin (BTC) News Today: Fed Rate Outlook Weighs on BTC, Trump's Support Unheeded - FX Empire

Read More..

Bitcoin in Difficulty: A New Hope at $80,000 by the End of May – Cointribune EN

10h20 4 min of reading by Evans S.

Since its inception, Bitcoin has experienced roller coasters. While some analysts predict dizzying heights for the cryptocurrency, others remain skeptical about its short-term prospects. However, hope is rekindled with the bold prediction from BitQuant, an influential technical analyst, who forecasts that Bitcoin could reach $80,000 by the end of May and $95,000 in June.

BitQuant recently made waves by announcing that Bitcoin could reach a new historical high of $80,000 by the end of May. This announcement has sparked enthusiasm among Bitcoin supporters, who see this forecast as a sign of an imminent bullish market recovery.

The analyst does not stop there. According to him, Bitcoin could even reach $95,000 in June, marking a rapid progression. For BitQuant, the technical signals and current market trends support this prediction. He remains confident, stating that a price correction after nearing $100,000 would be natural but not alarming.

However, this optimistic outlook is not shared by all. Some analysts warn of continued volatility and short-term price corrections, reminding that the cryptocurrency market is unpredictable.

Michael Von de Poppe, another influential trader in the crypto world, adopts a more cautious approach. According to him, Bitcoin could remain in a price range between $67,500 and $68,000. He predicts short-term corrections followed by rebounds but remains skeptical about a rapid rise to $80,000.

For his part, Willy Woo, a respected analyst, maintains an ambiguous position. Although he is optimistic about Bitcoins future, he prefers not to commit to a precise prediction for June. For Woo, it is only a matter of time before Bitcoin reaches a new all-time high above $73,000, but he remains cautious in the face of market uncertainty.

These differing opinions highlight the complexity of the cryptocurrency market, where technical analysis and market sentiment play crucial roles. Despite the divergent views, the hope for a bullish recovery remains vivid among Bitcoin supporters.

If BitQuants prediction proves accurate, Bitcoin could experience an unprecedented growth period. Reaching $80,000 by the end of May would be a remarkable feat, boosting investor confidence and attracting new capital to the cryptocurrency.

However, it is important to consider potential challenges. The volatility of the crypto market is well known, and external events such as government regulations or economic fluctuations can significantly influence prices. Additionally, investors must be prepared for price corrections, even if the overall trend remains bullish.

BitQuants technical analysis is based on solid indicators, but the crypto market remains unpredictable. Investors should thus remain vigilant and diversify their portfolios to minimize risks.

In any case, Bitcoin continues to capture the imagination. The coming weeks will be crucial in determining whether this prediction will come true, marking a new chapter in Bitcoins tumultuous history. Whether it reaches these projected heights or not, Bitcoin remains an exciting adventure, full of surprises and twists. Is it the turn of the SHIB ETF?

Maximize your Cointribune experience with our 'Read to Earn' program! Earn points for each article you read and gain access to exclusive rewards. Sign up now and start accruing benefits.

Fascin par le bitcoin depuis 2017, Evariste n'a cess de se documenter sur le sujet. Si son premier intrt s'est port sur le trading, il essaie dsormais activement dapprhender toutes les avances centres sur les cryptomonnaies. En tant que rdacteur, il aspire fournir en permanence un travail de haute qualit qui reflte l'tat du secteur dans son ensemble.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

See original here:
Bitcoin in Difficulty: A New Hope at $80,000 by the End of May - Cointribune EN

Read More..

If you bought Bitcoin with your $1200 stimulus check in 2020 you’d now have this much – Finbold – Finance in Bold

Four years ago, American citizens received stimulus checks from the government in the amount of $1,200 to help them recover from the financial losses incurred during the Covid pandemic, and investing this money was among the popular choices of the checks recipients.

Indeed, the United States Internal Revenue Service (IRS) had issued the stimulus checks, or Economic Impact Payments, under the Coronavirus Aid, Relief and Economies Act (CARES Act), and the first round amounted to $1,200 (and $500 more per each child).

For those who chose to invest their $1,200 stimulus in Bitcoin (BTC) at the time, this would have been an exceptionally lucrative decision, considering that the price of the flagship decentralized finance (DeFi) asset had risen by nearly 884% since mid-April 2020 when it stood at $6,965.62.

In other words, investing $1,200 in Bitcoin when its price was around $6,966 would mean that today, the investor in question would be holding close to $11,808 worth of the maiden cryptocurrency, providing them with significant profit if they chose to sell it at a current price.

At the moment, Bitcoin is changing hands at the price of $68,540, which suggests a slight decline of 0.88% in the last 24 hours but still an increase of 2.52% across the previous seven days and an 8.92% advance over the past month, adding up to the 62.35% gain this year, as per data on May 27.

Meanwhile, Bitcoin whales seem to be back in the crypto sea, as they have recently started to show significant buying activity, reflecting the largest holders confidence in the crypto assets future price and signaling a resurgence of bullish sentiment in the sector, as Finbold reported on May 25.

All things considered, investing in Bitcoin when the government started issuing the stimulus checks back in April 2020 would have been exceptionally profitable, and certain indicators point to further price advances for the largest asset in the crypto market in the years to come.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Visit link:
If you bought Bitcoin with your $1200 stimulus check in 2020 you'd now have this much - Finbold - Finance in Bold

Read More..

Bitcoin price today: dips to $67k as rate fears offset spot Ether ETF approval – Investing.com

Investing.com-- price slipped on Friday, pulling back even further from highs hit earlier in the week as concerns over high for longer U.S. interest rates largely offset a key development in the U.S. approval of exchange-traded funds that directly track Ether.

While Bitcoin was still sitting on some gains for the week, it was back within a $60,000 to $70,000 trading range seen for over two months. It also trimmed a bulk of its weekly gains on Thursday and Friday.

Bitcoin fell 3.6% in the past 24 hours to $67,486.0 by 08:12 ET (12:12 GMT).

World no.2 token dipped 5.1% to $3,718.70 amid some profit-taking.

But the token was trading up 22% over the past seven days, buoyed chiefly by the Securities and Exchange Commissions approval of applications from several major exchanges to list a spot Ether ETF.

The SEC approval applications from the Nasdaq, CBOE and the NYSE to list ETFs that will directly track the price of Ether.

The step marked some progress towards the eventual approval of a spot ETF for trade, although the SEC has to now engage with applications from fund managers to list a spot ETF. Applicants include VanEck, ARK Investment Management and seven other issuers.

Rumblings of the SECs approval had boosted Ether prices through the week, with the actual event sparking fleeting gains in the token.

But fears of high for longer U.S. interest rates were a key point of pressure on crypto markets, especially as hawkish signals from the Federal Reserve showed increasing anxiety amid policymakers over sticky inflation.

A slew of Fed members said that inflation was likely to take longer to reach the central banks 2% annual target, while the minutes of the banks late-April meeting showed some policymakers were even open to raising interest rates further.

This saw traders largely price out expectations for any rate cuts this year. Traders were seen pricing in a nearly equal probability of rate cut or a hold in September, at around 46%, according to the .

High for longer rates bode poorly for crypto, given that the sector usually thrives in low-rate, high-liquidity markets. Most token prices fell on this notion, with a rebound in the dollar also pressuring markets.

fell 4.7% while rose 0.9%. Meme tokens and dropped 5.7% and 3.7%, respectively.

The approval of ether spot ETFs likely opens the door for the next chapter of crypto ETFs, Standard Chartered (OTC:) analysts said.

"For other coins markets will look ahead to their eventual ETF status as well, albeit this is likely a 2025 story not a 2024 one," Standard Chartered told The Block.

The banks analysts believe the green light for ether ETFs points to a notable shift in US regulators stance. Specifically, it suggests that ETH is not classified as a security by the SEC, thereby implying that other ETH-like coins, which were previously under scrutiny in cases such as the 2023 XRP case, may also not be considered securities.

"In several cases the core technology is so similar to ETH it would be difficult for the SEC to claim they were securities given the ETH position," analysts said. "The crypto industry now seems to have political backing on both sides of the aisle."

They view the latest support for crypto in the US as a "true watershed moment." As such, analysts think that the next question is not whether but when the market will witness more regulatory changes.

See original here:
Bitcoin price today: dips to $67k as rate fears offset spot Ether ETF approval - Investing.com

Read More..