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Cryptocurrency News Articles
Bitcoin Stalls Amid Soaring Interest Rate Outlook, Awaits Inflation Data
Apr 26, 2024 at 03:30 pm
Sentiment towards crypto markets remained subdued on Friday due to growing expectations of prolonged higher U.S. interest rates. Bitcoin price saw minimal movement, hovering within a $60,000-$70,000 range, as traders discounted expectations for interest rate cuts in the wake of weaker-than-expected GDP data and a stronger GDP price index reading.
Bitcoin Stalled Amid Rising Interest Rate Expectations, Awaiting Inflation Data
Wall Street, New York City - The cryptocurrency market remains subdued on Friday, as the sentiment towards digital assets has been tempered by heightened expectations of prolonged high-interest rates in the United States. Investors are now eagerly awaiting the release of crucial U.S. inflation data for further guidance on the interest rate trajectory.
Bitcoin, the world's largest cryptocurrency, has experienced minimal price movement over the past 24 hours, rising by a mere 0.2% to reach $64,339.7 as of 01:38 ET (05:38 GMT). Bitcoin's weekly performance is expected to be tepid, as it continues to fluctuate within a tight trading range between $60,000 and $70,000, which has been established over the past six weeks.
Concerns over ongoing regulatory scrutiny of cryptocurrencies intensified this week following reports that U.S. prosecutors are seeking a three-year prison sentence for Binance founder Changpeng Zhao. Zhao pleaded guilty to violating anti-money laundering laws.
The prospects for Bitcoin have been further clouded by the waning expectations of interest rate cuts by the Federal Reserve. Despite an overnight decline in the U.S. dollar in response to weaker-than-expected gross domestic product (GDP) data, the stronger GDP price index reading has prompted traders to discount any potential rate cuts in the near future.
The CME Fedwatch tool indicates that traders now anticipate rate cuts only in September or later in the fourth quarter of 2024. The prospect of sustained high-interest rates has dampened investor appetite for Bitcoin and other cryptocurrencies, as it reduces the attractiveness of volatile and speculative assets. Historically, Bitcoin has performed well in low-interest, high-liquidity environments.
Bitcoin has also remained unresponsive to positive cues from U.S. technology stocks, despite strong earnings reported by tech giants Microsoft Corporation (NASDAQ:MSFT) and Alphabet Inc. (NASDAQ:GOOGL). The correlation between Bitcoin and U.S. tech stocks has re-emerged in recent weeks, albeit primarily in a negative context.
The broader cryptocurrency market has also exhibited mixed performance, with the focus largely shifting towards the upcoming release of key U.S. inflation data. Ethereum, the second-largest cryptocurrency, has slipped by 0.3%, while XRP and Solana have remained within a narrow range.
The release of the Personal Consumption Expenditures (PCE) price index data for March is scheduled for later on Friday. The PCE index is the Fed's preferred inflation gauge, and its results will likely influence the central bank's outlook on interest rates. Investors will be closely monitoring this data to gauge its potential impact on the cryptocurrency market.
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