Bitcoin Hits $62K as Cryptos Bounce; Correction Likely Over But Expect a ‘Slow Grind Higher,’ Arthur Hayes Says
Bitcoin will likely trade in a range between $60,000 and $70,000 through the next few months, the former BitMEX CEO said.
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Bitcoin will likely trade in a range between $60,000 and $70,000 through the next few months, the former BitMEX CEO said.
Recent U.S. economic data could prompt more hawkish forward guidance from the Federal Reserve.
The crypto market is balancing the threat of stagflation against a liquidity injection from the Treasury General Account (TGA), and the launch of Hong Kong’s bitcoin ETFs.
The yen’s volatile episode may spread to other fiat currencies as U.S. rate cuts remain elusive amid sticky inflation, which could drive investors to gold and bitcoin, Noelle Acheson said in an interview.
Increasing concerns about sticky inflation hit risk assets across all markets including cryptos.
The defunct crypto exchange will distribute 142,000 BTC and 143,000 BCH to creditors later this year, 10 years after its implosion due to a hack.
Large bitcoin investors haven’t started to buy the dip yet, suggesting that the correction may continue for a while, an LMAX Group strategist noted.
Major U.S. equity indices closed the day lower as faster CPI reading for March, will BTC was up 1%.
Fed policymakers maintained their outlook for three rate cuts by the end of the year, alleviating market risk of a more hawkish stance.
Disappointing flows into bitcoin ETFs over the past days partly resulted from investors trimming risks ahead of Wednesday’s FOMC meeting, one market observer said.