Bitcoin price (btc) It remained below $66,000 late in the day during US trading hours on Wednesday after a few modest gains were met by a quick sell-off.
At $65,800 at press time, Bitcoin has remained flat over the past 24 hours. Withdrawn by 10% declines in Bitcoin Cash (Biosafety Clearing-House) And Litecoin (LTC) The broader CoinDesk 20 index fell 0.7%.
Bitcoin managed to rise twice to around the $66,500 level on Wednesday, with one move coming with a weaker-than-expected report on March growth in the US services industry and another coming after Federal Reserve Chairman Jerome Powell said he continues to expect interest rate cuts this year despite… Continued activity in interest rates. Both inflation and the economy.
Most of Bitcoin's rise in 2024 came from roughly mid-February to mid-March. During this time, spot ETFs were regularly adding between 5,000 and 13,000 BTC per day, even with the heavy selling by Grayscale's GBTC. However, this action has since seen significant Bitcoin sales in GBTC continue, while buying in other ETFs has slowed. On several days, net flows to the spot ETF pool as a whole turned negative.
Besides, the price of Bitcoin fell by about 10% from the record high of about $73,500 on March 12.
In addition to spot ETFs, another hopeful catalyst this year was monetary policy easing by the Federal Reserve. But economic indicators have ruined much of this situation.
Inflation, which had been falling steadily throughout all of 2023, actually turned higher in the first months of 2024. At 3.2% year-on-year in February, it remains well above the Fed's 2% target. Besides, the economy appears to be continuing to grow steadily, with more than 200,000 jobs being added each month so far this year and the unemployment rate remaining near historic lows, according to government statistics.
Earlier Wednesday, ADP reported Private salary growth From 184,000 during March, exceeding 155,000 in February and expectations of 148,000. The main event on jobs will be the government's nonfarm payrolls report on Friday morning, with economists expecting 200,000 jobs to be added.
Recent strong data has sent the 10-year US Treasury yield to a 2024 high of 4.43% and the US dollar to its strongest level since last November – both of which could tend to dampen the prices of risky assets, including Bitcoin.
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