All articles tagged with #crypto prices
Bitcoin has gained 7% this week amid rising leverage and macroeconomic uncertainties, with key US economic reports and geopolitical tensions influencing market sentiment. While the rally is driven by speculative trading, risks of a sharp correction remain if macro data disappoints or leverage stays high.
Bitcoin exchange-traded funds (ETFs) saw net outflows of $85.7 million, with Grayscale's GBTC experiencing the largest outflow of $302.6 million, attributed to high fees and investor hesitancy. This comes after a week of significant inflows into Bitcoin tracking funds, but the recent outflows indicate that the market volatility and investor behavior continue to impact the price of Bitcoin, which has dipped nearly 6% in the last 24 hours to $65,348 per coin.
Bitcoin reached a new high for the year, surpassing $38,000, while ether climbed back above $2,000. Solana, which has outperformed bitcoin this year, remained relatively flat. The resignation of Binance's CEO, CZ, following federal criminal charges, is seen by some as a necessary step for the crypto industry to move forward. This development may pave the way for a potential bitcoin ETF approval, which could drive bitcoin to new highs. Traders are also considering the minutes of the latest Federal Reserve meeting, which indicated little interest in cutting interest rates.
Crypto prices are stabilizing after a sharp sell-off last week triggered by the SEC's lawsuits against Coinbase and Binance for securities violations. Some tokens are recovering at single-digit percentages, while others are still dropping at a slower pace. The SEC accused Coinbase of operating as an unregistered exchange and broker, while Binance was accused of inflating trading volumes and misleading customers. The SEC Chairman Gary Gensler has been cracking down on crypto firms and exchanges, stating that they need to come into compliance with U.S. securities law.