Bitcoin Price Prediction: Falls to $60,620 Amid Fed Rate Cut Speculation and ETF Inflows
Today, Bitcoin is trading at $60,620, marking a 4% decrease over the last 24 hours. The cryptocurrency’s recent uplift is attributed to dovish economic data from the U.S., hinting at possible Federal Reserve rate cuts.
This anticipation has weakened the dollar and, in turn, boosted Bitcoin’s value. Additionally, significant inflows of $11.54 million into Bitcoin ETFs, like Grayscale and Bitwise, along with Trump’s positive remarks on cryptocurrencies, have further fueled the upward movement.
The latest US employment data reveals a slowing labour market, stirring optimism within the cryptocurrency sector. Recently, the US Bureau of Labor Statistics reported that initial jobless claims rose unexpectedly to 231,000 for the week ending May 3, significantly higher than the anticipated 210,000.
This uptick suggests a softening job market, which might prompt the Federal Reserve to consider rate cuts sooner than anticipated—a scenario that typically benefits cryptocurrencies like Bitcoin.
Investors are now keenly awaiting further economic reports, such as the Consumer Price Index (CPI) and Producer Price Index (PPI), to gauge future monetary policy directions.
This expectation fosters a bullish outlook for cryptocurrencies.
Jack Dorsey, the co-founder and former CEO of Twitter, has made a bold prediction that Bitcoin will reach at least $1 million by 2030. This forecast coincides with his recent departure from the decentralized platform BlueSky, motivated by shifts away from its original vision of true decentralization.
Jack Dorsey's Bold Bitcoin Bet: $1M by 2030https://t.co/pzkx48CVoz
— C-Dub (
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