Bitcoin Stays Below $69K As ‘Hot’ US Macro Data Pressures Dollar
By Kapil Rajyaguru
Bitcoin pushed towards $69,000 on Friday Asian Morning trade as favorable United States macro data gave risk assets fresh relief. Bitcoin was trading at $68,400, up by over 1%.
Ether, the second largest cryptocurrency by market cap, was changing hands at $3747, down by almost 1% in the similar time frame.
The alternative coins are also in retreat, with SHIB, DOT, DOGE, PEPE, and WIF losing substantial percentages of their USD value overnight.
Q1 U.S. GDP data fell in line with expectations, while jobless claims beat them, feeding into a bullish risk-asset narrative based on financial conditions loosening sooner. Initial jobless claims were 219,000 week-on-week versus 217,000 expected, up from 215,000 the month prior.
Conversely, negative response from both U.S. bond yields and U.S. dollar strength. The U.S. Dollar Index (DXY) was down 0.33% on the day.
According to estimates from CME Group’s FedWatch Tool, markets remained dismissive of policy relaxation in the form of interest rate hikes occurring any sooner than September.
The Federal Reserve’s forthcoming meeting on June 12 had just 1.1% odds of producing a surprise cut on the day.
The global crypto market cap is $2.54T, a 0.51% increase over the last day. The total crypto market volume over the last 24 hours is $85.59B, which makes a 2.26% increase. The total volume in DeFi is currently $5.95B, 6.95% of the total crypto market 24-hour volume. The volume of all stable coins is now $80.5B, which is 94.05% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 53.10%, an increase of 0.46% over the day.
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