Investing.com – Bitcoin prices traded flat today after the dollar weakened on speculation of a Federal Reserve interest rate cut. This caused some movement in the cryptocurrency market.
At 01:50 ET (05:50 GMT), the price was up 0.8% in the past 24 hours to $69,049.3, with the price still hovering within a trading range of $60,000 to $70,000 since mid-March. But if the token rises by just 2%, it could breach the $70,000 level.
But it remains to be seen if the token can sustain above $70,000.
Bitcoin saw additional capital inflows in May.
Data from CoinShares showed on Monday that investment in digital assets posted a fourth straight week of gains in the week of June 3.
This brings the total inflows for the month of May to $2 billion.
Bitcoin plays a huge role in credits. Meanwhile, the world's second largest token, Ether, has seen increased capital inflows. After the Securities and Exchange Commission approved a list of exchange-traded funds that directly track Ether.
Capital inflow signals boosted confidence in the crypto market. After the entire sector was affected by the evacuation throughout April. Despite the inflows, overall trading volumes and daily returns on crypto investments remain weak.
But many other countries have also approved spot ETFs that track cryptocurrencies directly, with ETFs going live in Australia today following a similar event in Hong Kong last month.
Today's Crypto Prices: Backed by Interest Rate Cut Bets
The overall cryptocurrency market has shown some positive signs this week. That's because demand for risk-driven assets increases on the prospect of a federal interest rate cut this year.
As a result of weaker-than-expected US data, traders are increasingly betting on a September rate cut. Low interest rates are beneficial for high-risk, speculative assets like cryptocurrencies.
Cryptocurrencies as a whole are bullish today. Money drew in after speculation of an interest rate cut. fell to a two-month low.
The world's second-largest token was down 1.4% at $3,762.49 as some profit-taking followed the token's sharp rise throughout May.
and Meem coin gained approximately 0.4% and declined 4% and 1.6% respectively, and also faced some profit-taking. After a strong increase in May
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