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Bitcoin (BTC-USD) traded in a narrow range this week, as the price correction in the top cryptocurrency following the halving event continues.
The oldest cryptocurrency, started off the week strongly, as it touched $65K, following a broader market upswing fueled by weaker-than-expected jobs data last week, which added momentum to speculation that the Federal Reserve may consider an interest rate cut.
However, BTC stuck to the narrow range of $60K- $64K for the rest of the week.
“Bitcoin topped out in mid-March at $73,793 and has pulled back significantly since then,” said SA analyst, Florian Grummes.
Bitcoin (BTC-USD)and Nasdaq are strongly correlated, hence expect both asset classes to grind lower during the seasonal rather weaker summer months into the typical bottom in September or October, Grummes added.
Cryptocurrency trading volume took a breather in April, as it declined for the first time in seven months as rising geopolitical tensions and slower inflows into U.S.-listed spot ETFs weighed over the digital assets market, a CoinDesk report stated.
“The market has seen a slight rebound from the recent correction, indicating a stabilizing sentiment among investors,” Lucy Hu, senior analyst, Metalpha, said.
Inflows into the U.S. spot-Bitcoin exchange-traded funds have slowed, but some traders believe BTC will continue its bull run in the year.
“The bull run will continue and the price of Bitcoin could reach new highs after the halving based on historical patterns. Investors should still practice appropriate hedging tools to manage risks effectively,” Hu added.
Notable News
- Marathon Digital (MARA) posted Q1 earnings that easily topped Wall Street expectations and rose markedly both sequentially and from a year ago, thanks to favorable mark-to-market adjustment of digital assets from the newly adopted fair-value accounting rules.
- Canada’s top financial watchdog has fined Binance with a C$6M ($4.39M) fine, accusing the world’s largest cryptocurrency exchange of violating certain money-laundering protection rules, according to a notice dated Thursday.
- Nearly all customers of collapsed crypto exchange FTX (FTT-USD) will get repaid in full, plus interest, according to a reorganization plan published earlier this week.
- CleanSpark (CLSK) said it has appointed Scott Garrison as its chief operating officer and Taylor Monnig as its chief technology officer.
- Riot Platforms (RIOT) produced 375 bitcoins in April, down 41% from the same period last year and 12% on a monthly basis.
Bitcoin, Ether prices
Bitcoin (BTC-USD) was down 2.3% to $60.8K at 3:13 pm on Friday, and Ether (ETH-USD) fell ~3.4% to $2.9K.
