In Asian markets on Friday, the value of bitcoin remained almost unchanged, while the general decline in cryptocurrency prices was observed due to expectations of a less active reduction in interest rates by the Federal Reserve, which led to an increase in interest in the dollar. Written by UNN with reference to Investing.
Over the past 24 hours, bitcoin has dropped 0.9% to $67,030.4. On Thursday, it dropped to $66,000 after the dollar recovered its position after hitting a one-month low.
Bitcoin may also show weekly losses, as heightened interest rate fears outweighed improvements in capital inflows to crypto investments.
Despite MicroStrategy Incorporated's (NASDAQ: MSTR) plans to invest even more in bitcoin by issuing $500 million in bonds, there has been no significant change in the price.
Cryptocurrency prices generally fluctuated from stable to low, especially due to concerns about high interest rates, which offset some of the positive developments associated with spot ETFs on Ether.
Ether rose by 0.2% to $3,515.79, showing the only positive growth among altcoins. According to Gary Gensler, chairman of the Securities and Exchange Commission, the regulator intends to approve spot ETFs on Ether by the end of the summer.
Other altcoins, such as ADA, XRP, and SOL, showed a decline of more than 2% each.
Among the memecoins, DOGE and SHIB also suffered minor losses, losing about 0.5% each.
Recall
The price of bitcoin was little changed on Thursday after a volatile sessionas the Federal Reserve's forecast of higher interest rates largely overshadowed some signs of cooling short-term inflation.