Investing.com– The price of bitcoin was unchanged on Friday as traders remained largely averse to crypto markets even as weak U.S. jobs data dragged down the dollar and reinforced bets on eventual interest rate cuts this year.
Fears of further regulatory action against cryptocurrencies were a key weight on prices this week, amid reports of further action by the US Securities and Exchange Commission against major cryptocurrency players. The shutdown of a popular privacy coin trading platform also shook sentiment.
At 01:24 ET (05:24 GMT), it continued trading with a rise of 2% in the last 24 hours, up to $62,745.3. A drop in the dollar overnight, following weak jobs data, gave some strength to Bitcoin.
Sustained outflows from crypto investment products, particularly spot Bitcoin exchange-traded funds, also weighed on the token over the past three weeks.
Bitcoin price has not changed in the last 7 days
The world's largest cryptocurrency has been virtually unchanged over the past seven days and has remained comfortably within a trading range established since its fall from all-time highs in early March.
The token had fallen as low as $57,000 last week, entering a technical bearish market from its March highs.
While Bitcoin had since recovered from those lows, any further gains in the currency were largely hampered by concerns over increased regulatory scrutiny against cryptocurrencies.
The shutdown of LocalMonero, a popular platform for peer-to-peer trading of the privacy coin Monero, shook sentiment.
This week, the SEC postponed crypto wallet operator Exodus Movement's planned public listing on the New York Stock Exchange.
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This came as a commercial application. Robinhood Markets Inc (NASDAQ đŸ™‚ said it was facing possible regulatory action from the SEC over crypto tokens traded on its platform.
The SEC was also seen postponing a decision on Ethereum spot ETFs until June, and is then expected to reject applications for the offering given that it is also reportedly conducting an investigation to determine whether the token number 2 in the world is a value.
The regulator has similar cases against the exchange. Coinbase Global Inc (NASDAQ đŸ™‚ and issuer Ripple.
Crypto Price Today: Altcoins See Reduced Moves With US CPI Available
Broader cryptocurrency prices also weakened as anticipation of further signals on US interest rates, from key inflation data due next week, limited any major trading.
rose 0.8%, while it fell 0.7%. Both tokens traded lower during the week.
outperformed, rising more than 5% on Friday and staying on track for slight weekly gains.
While the weak data spurred some optimism about eventual interest rate cuts by the Federal Reserve, the central bank is still not expected to do so until September, a trend that will pressure crypto markets in the near term.
