The price of bitcoin fell slightly on Thursday, stabilizing after a long trading low, amid weak economic performance in the United States. About it UNN writes with reference to Investing.com.
Details
Over the past 24 hours, Bitcoin has fallen 0.5%, reaching the level of 7 70,834.5. This week, its price stabilized after leaving the range of 60 to 70 thousand dollars, where it has been since mid-March. Bitcoin is now just 3 3,000 from its all-time high reached in March, taking advantage of the dollar's weakness and expectations of a Fed rate cut.
This week, there was a significant inflow of funds on the spot exchange in the United States, the total inflow since the beginning of the year was about.15 billion. Spot Bitcoin ETFs recorded investment inflows for four consecutive weeks in May. The approval of spot Bitcoin ETFs in US markets was an important support for the currency this year, allowing bitcoin to reach record levels amid rising institutional investment.
Against the background of favorable conditions created by lower interest rates in the United States, the upward trend in cryptocurrency markets has intensified again. At the same time, Ether, the second most popular cryptocurrency, rose 1.6% to 3 3,850.43, maintaining positions near its two-month highs, benefiting from interest in spot Ether ETFs.
In May, the U.S. Securities and Exchange Commission agreed to list spot ETFs on major U.S. exchanges and is now in dialogue with fund managers to approve these products. Meanwhile, other altcoins showed mixed results, although they rose this week amid weak economic data in the United States, which prompted traders to increase rates for a rate cut in September.
Currencies like SOL, ADA and XRP fell 0.2% to 0.6%, while meme countries like SHIB and DOGE lost 0.4% each.
Recall
Bitcoin crossed the price mark of 70 thousand dollars. The price of bitcoin has increased by more than 12% over the past month, while over the past day it has risen by more than 3%.
