Bitcoin Price Prediction: Hits $64,000 on U.S. Economic Slowdown, Rate Cut Hopes
Bitcoin failed to continue its upward trend despite multiple supporting factors such as a bearish US dollar and a dovish stance from the Federal Reserve. It lost some of its gains, dropping to around 63,400 and hitting an intraday low of 62,961.
Although Bitcoin began the week on a bullish note after dipping to a low of $56,000 last week, it surged to $64,000 on Monday, spurred by a cooler-than-expected US April jobs report. The report suggested a slowing economy, which could lead to reduced inflation and lower interest rates.
However, the increase in price was short-lived as BTC edged lower on Tuesday, possibly due to cautious sentiment ahead of a speech by Neel Kashkari, the President of the Federal Reserve Bank of Minneapolis. If his comments take a hawkish tone, signaling a stricter approach to interest rates, it could strengthen the US dollar and negatively impact BTC.
Marathon Digital Holdings, a prominent player in the Bitcoin mining sector, recently witnessed an 18% surge in its stock price to $20.67, elevating its market capitalization to nearly $800 million. This significant increase followed the announcement that Marathon would be included in the S&P SmallCap 600 Index, underscoring its rising prominence within the cryptocurrency mining industry.
Key Points:
Despite Marathon’s stock success, Bitcoin itself has shown bearish trends, trading around $63,200, which reflects a complex sentiment in the broader market. This contrast suggests that while individual companies may thrive, the overall cryptocurrency market remains cautiously optimistic or mixed.
The U.S. Securities and Exchange Commission (SEC) has postponed its decision on approving Ethereum exchange-traded funds (ETFs) once again, extending the review
