Reserve

Bitcoin ETF

Bitcoin

<img decoding="async" width="1280" height="720" src="https://coingape.com/wp-content/uploads/2024/05/bitcoin_dollar_AdobeStock_192921653-e1709198899971-2.jpeg" class="attachment-full size-full wp-post-image" alt="FDIC Says 63 Banks Faces Collapse, Bitcoin Price To Fall or Rise?" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/05/bitcoin_dollar_AdobeStock_192921653-e1709198899971-2.jpeg 1280w, https://coingape.com/wp-content/uploads/2024/05/bitcoin_dollar_AdobeStock_192921653-e1709198899971-2-300x169.jpeg 300w, https://coingape.com/wp-content/uploads/2024/05/bitcoin_dollar_AdobeStock_192921653-e1709198899971-2-1224x689.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/05/bitcoin_dollar_AdobeStock_192921653-e1709198899971-2-768x432.jpeg 768w, https://coingape.com/wp-content/uploads/2024/05/bitcoin_dollar_AdobeStock_192921653-e1709198899971-2-678x381.jpeg 678w, https://coingape.com/wp-content/uploads/2024/05/bitcoin_dollar_AdobeStock_192921653-e1709198899971-2-150x84.jpeg 150w" sizes="(max-width: 1280px) 100vw, 1280px">
In the past 24 hours, the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">Bitcoin (BTC) price</a> has surged to $71,000, nearing its all-time highs. This rise comes just a week before the Federal Reserve meeting on June 12, indicating investor confidence in anticipated rate cuts this year. Currently, BTC is only 5% below its all-time high, entering a new price discovery zone 
<h3 id="fed-rate-cuts-coming-sooner-by-november">Fed Rate Cuts Coming Sooner by November</h3> 
Traders are increasingly expecting a Federal Reserve rate cut as early as November, following data indicating moderating U.S. inflation and a weaker jobs market. Some Treasury yields experienced their largest two-day declines of the year, easing financial conditions and potentially benefiting speculative assets like cryptocurrencies. 
In a note to investors, Tom Couture, digital-asset strategy vice president at Fundstrat Global Advisors, wrote: “Crypto assets are responding positively to the decline in rates”. 
Moreover, strong inflows into spot Bitcoin ETFs have also contributed to pushing the BTC price higher. On June 4, Bitcoin spot ETFs experienced a substantial net inflow of $887 million, marking the second-highest single-day net inflow on record. 
Key contributors included Grayscale’s GBTC ETF, which saw an inflow of $28.2 million, Fidelity’s FBTC ETF with an inflow of $379 million, and <a href="https://coingape.com/blackrock-ibit-becomes-largest-bitcoin-fund-overtaking-grayscale/" target="_blank" rel="noopener">BlackRock’s IBIT ETF</a>, which garnered $274 million. The total net asset value of Bitcoin spot ETFs now stands at $61.46 billion. 
There’s a growing demand for <a href="https://coingape.com/australias-first-bitcoin-etf-starts-trading-tomorrow-heres-all/" target="_blank" rel="noopener">Bitcoin ETF</a> products across the world with Australia and Thailand becoming the two latest countries to offer the investment products. 
Also, the 30-day short-term correlation between Bitcoin and the Nasdaq 100 Index of US technology stocks is currently at its highest level since early 2023. This suggests that any further gains in the Nasdaq 100 may be accompanied by a corresponding rise in Bitcoin 
<h3 id="altcoins-join-the-party-along-with-bitcoin">Altcoins Join The Party Along with Bitcoin</h3> 
Altcoins have experienced a general uptick, with BNB rising over 10% in the past 24 hours to $690, pushing its market value back above $100 billion for the first time since early December 2021. TON has also surged more than 8%, making it the tenth-largest cryptocurrency by market value. 
BNB’s more than 100% rally this year reflects improved perceptions about Binance’s outlook. This comes after the exchange pleaded guilty to violating US anti-money-laundering and sanctions laws in November and faced a landmark $4.3 billion penalty. 
The post <a href="https://coingape.com/fed-rate-cut-expectations-push-bitcoin-btc-past-71000-new-ath-soon/">Fed Rate Cut Expectations Take Bitcoin (BTC) Past $71,000, New ATH Soon?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Fed Rate Cut Expectations Take Bitcoin (BTC) Past $71,000, New ATH Soon?

Table of Contents

Coingape News Media

Other articles published on Jun 5, 2024

SEC Approval Boosts Ethereum’s Price

SEC Chair Gary Gensler Criticizes Crypto Exchanges for Unlawful Practices

Ethereum ETFs Could Attract Up To $4.8B Inflows In 5 Months Post Launch

Germans split on digital euro, most don’t know what it is: Survey

Is China Crypto Ban Over As Bybit Resumes Registration?

Blastup's Big Bags & Dogeverse's Dumping Fears Drive Crypto Cash Stampede to MoonBag, offering th...

Join our free newsletter for daily crypto updates!