The current valuation of bitcoin hovers around $69k today, with some support stemming from interest rate cuts.

  • On Tuesday, there was a steady rise in the price of bitcoin, which was trading just below critical levels due to the weakening of the dollar and speculations of a potential Federal Reserve interest rate decrease.

  • By 01:50 ET (05:50 GMT), Bitcoin had increased by 0.8% in the past 24 hours to $69,049.3. The leading cryptocurrency globally was currently 2% away from breaking out of the trading range of $60,000 to $70,000, where it had been since mid-March.

  • It remained uncertain, however, if the token would maintain consistent support above $70,000.

  • There was an increase in capital inflows for bitcoin during May. In the week leading up to June 3, there were inflows into digital asset investment products for a fourth consecutive week, as per data published on Monday by digital asset manager CoinShares.

  • This boosted May's total inflows to $2 billion.

  • The majority of these inflows were driven by Bitcoin, the second most popular token globally. Following the approval by the Securities and Exchange Commission for the listing of exchange-traded funds that track Ether directly, Ether saw an increase in capital inflows.

  • After significant surges in the cryptocurrency market during April, the inflows indicated a recovery in sentiment towards the sector. However, daily turnover and total trading volumes for cryptocurrency investment products remained low.

  • It was evident that more countries were approving spot ETFs linked to cryptocurrency. Tuesday witnessed the approval of a spot Bitcoin ETF in Australia, following a similar development in Hong Kong the previous month.

  • Today's cryptocurrency prices: speculations of rate cuts provide some support
  • Broader cryptocurrency markets experienced some gains this week as investors' appetite for riskier assets grew amidst speculation that the Federal Reserve might indeed lower interest rates.
  • Traders increased their expectations of a rate cut in September in response to weak U.S. jobless claims data. Lower rates are favorable for speculative, high-risk investments like cryptocurrency.
  • Tuesday saw gains in other major cryptocurrency markets as the dollar fell to levels not seen in two months due to expectations of interest rate cuts.

  • The second-largest token globally, Ether, saw some profit-taking after a rapid rise throughout May, declining by 1.4% to $3,762.49.

  • Both XRP and SOL increased by approximately 0.4%. Memecoins SHIB and DOGE experienced significant profit-taking following their strong performances in May, with their respective declines of 4% and 1.6%.