KEY POINTS:
- Bitcoin prices drop 5% to $64,000.
- Markets await fresh price catalyst.
- Spot ETH ETFs on verge of launch.
Orange coin on track to wrap up a second week of losses as markets can’t find anything to spur buying momentum.
- Bitcoin BTCUSD and the broader crypto market fell for the first half of the week with the OG token’s price diving by roughly 5% to $64,000 a piece. The steep drop turned out to be short-lived, at least for now, as crypto market enthusiasts upheld the bidding and managed to raise that number to $65,000. Still, the lack of any exciting news makes it difficult for crypto bros to appreciate the appeal of the novel asset class.
- Bitcoin hit a record high of just under $74,000 in mid-March and has since then retracted more than 13% to current market prices. Back then, elevated buzz around the first spot Bitcoin exchange-traded funds sparked a massive rally and markets now may be holding their breath for yet another big release in the near future — eight spot Ethereum exchange-traded funds are on the verge of launch.
- What’s the bigger picture? Crypto is a risk asset (you don’t say?) and as such, it tends to get swayed by the same economic conditions that shake traditional markets like stocks. This said, the Federal Reserve’s pushback against expectations for early cuts to interest rates may have dented the forward-looking optimism in digital assets. Still, Bitcoin is up nearly 50% on the year, adding $500 billion to its market cap.
