Investing.com– The price of bitcoin fell slightly on Thursday, stabilizing after breaking a more than two-month low, as weak U.S. economic data fueled expectations that the Federal Reserve will cut interest rates.
fell 0.5% in the last 24 hours to $70,834.5 at 01:30 ET (05:30 GMT). The token stabilized after breaking out of a trading range between $60,000 and $70,000 this week, ending a low point it had fallen to since mid-March.
Bitcoin Nears All-Time Highs as ETF Inflows Surge
The world's largest cryptocurrency was now about $3,000 away from hitting a record high in March, benefiting from dollar weakness as traders priced in interest rate cuts by the Federal Reserve.
The token's U.S.-listed exchange-traded funds saw a surge in inflows this week, bringing total inflows so far this year to about $15 billion. Bitcoin spot ETFs also recorded four consecutive weeks of inflows in May.
The approval of spot Bitcoin ETFs in US markets was a key point of support for the token this year, with Bitcoin hitting an all-time high thanks to increased institutional inflows.
This trend seemed to be gaining momentum once again, especially in the face of lower interest rates in the United States, which present a more accommodative environment for crypto markets.
Crypto Price Today: Altcoins Mixed, Rate Cuts in Focus
The world's No. 2 cryptocurrency rose 1.6% to $3,850.43, holding near recent two-month highs, as the token also benefited from buzz over an Ether spot ETF.
The Securities and Exchange Commission in May approved major U.S. exchanges to list spot ETFs, and is now ready to engage with fund managers on approving the products.
Broader altcoins had mixed results but maintained gains this week as a series of weak US economic data caused traders to increase their bets on a rate cut in September.
and fell between 0.2% and 0.6%, while among memecoins, they fell 0.4% each.
A rate cut scheduled for Wednesday and anticipation of a widely expected rate cut for Thursday also generated optimism about lower interest rates.
