Investing.com– The price of bitcoin stabilized on Tuesday, settling just below key levels, as dollar weakness amid speculation about potential interest rate cuts by the Federal Reserve sparked some flows to crypto markets.
rose 0.8% in the last 24 hours to $69,049.3 at 01:50 ET (05:50 GMT). The world's largest cryptocurrency was now about 2% away from breaking the $60,000 to $70,000 trading range seen since mid-March.
But it remained to be seen whether the token could consistently maintain levels above $70,000.
Bitcoin Capital Inflows Rise in May
Data from digital asset manager CoinShares on Monday showed that digital asset investment products saw inflows for the fourth consecutive week in the seven days to June 3.
This brought total receipts in May to $2 billion.
Bitcoin commanded the bulk of these inflows, while the world's No. 2 token, Ether, saw larger capital inflows after the Securities and Exchange Commission approved the listing of exchange-traded funds that directly track Ether.
The inflows indicated an improvement in sentiment towards cryptocurrencies, after the space was hit by prolonged outflows into April. But overall trading volumes and daily turnover of crypto investment products remained weak.
Still, more countries were seen approving spot ETFs that tracked cryptocurrencies. A Bitcoin spot ETF went live in Australia on Tuesday, following a similar phenomenon in Hong Kong last month.
Crypto Price Today: Rate Cut Bets Offer Some Support
Broader cryptocurrency markets posted some gains this week as appetite for risk assets improved on the prospect of eventual rate cuts by the Federal Reserve.
Weak US data caused traders to increase their bets on a rate cut in September. Lower rates bode well for high-risk speculative assets such as cryptocurrencies.
Gains in the broader crypto markets came on Tuesday after speculation about interest rate cuts dragged crypto markets to two-month lows.
World no. 2 fell 1.4% to 3,762.49, seeing some profit-taking after a strong rally during May.
and they rose around 0.4% each. Among memecoins, they fell 4% and 1.6%, respectively, and also saw some profit-taking following strong gains in May.
