Bitcoin Rises Above $71K Amid Rate Cut Hopes
By Kapil Rajyaguru
Bitcoin price rose higher on Wednesday, buoyed by growing expectations of U.S. interest rate cuts as weak economic readings continued to trickle in and a resurgence in inflows to spot BTC exchange-traded funds (ETFs).
This trend also buoyed broader crypto prices, as capital flows into the space picked up over the past month. The launch of spot Bitcoin ETFs in Australia also pointed to more capital inflows in the near-term. A decline in the dollar this week also aided crypto markets.
After failing to overcome the $70,000 level on Monday, bitcoin went on the offensive in the past several hours and soared past it and tapped a multi-week peak of over $71,250.
A mix of profit-taking, concerns over high interest rates and cooling optimism over Bitcoin ETFs in recent months had kept Bitcoin in a trading range after the token surged to record highs in early-March. But interest in crypto now appeared to be picking up, especially with the prospect of lower interest rates this year.
Ether, the world’s second biggest cryptocurrency by market cap, was changing hands at $3863, up by over 1% in the last twenty-four hours.
Perhaps the most notable gainer today from the larger-cap alts is Binance Coin. After months of being on the sidelines and away from the meme coin mania, BNB jumped by nearly $100 in the past day and registered a fresh all-time high of $715 earlier today, closing down the gap to Tether in their battle for the third-largest cryptocurrency.
XRP, ADA, LINK, TRX, SOL, and DOT are also in the green but in a more modest fashion.
Among meme tokens, SHIB surged 7.3%, while DOGE added 2.3%.
The global crypto market cap is $2.64T, a 0.25% increase over the last day. The total crypto market volume over the last 24 hours is $84.38B, which makes a 0.39% decrease. The total volume in DeFi is currently $6.09B, 7.22% of the total crypto market 24-hour volume. The volume of all stable coins is now $78.75B, which is 93.33% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 53.02%, a decrease of 0.13% over the day.
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