May 14 2024: Bitcoin’s price saw a slight increase on Tuesday but remained within a narrow trading range, reflecting the market’s focus on upcoming U.S. inflation data for signals on interest rates.
Despite a modest recovery in capital flows into crypto investment products, particularly spot Bitcoin exchange-traded funds (ETFs), Bitcoin’s price action remained limited. The cryptocurrency gained 2.5% over 24 hours, reaching $62,498.6 by 01:05 ET (05:05 GMT).
While data from CoinShares indicated weekly capital inflows of $130 million into crypto products, especially in the U.S. and Hong Kong with the launch of spot Bitcoin ETFs, overall trading volumes in crypto investment products remained subdued compared to previous highs.
Bitcoin has stabilized in a narrow range between $60,000 and $70,000 over the past two months, driven by concerns about interest rates, regulatory uncertainties, and a decline in ETF excitement following Bitcoin’s halving event.
Altcoins, including Ethereum, Solana, XRP, and memecoins like Dogecoin and PEPE, showed some gains on Tuesday, partly influenced by a rally in meme stocks on Wall Street. However, the overall crypto market remained cautious ahead of key U.S. inflation data scheduled for later in the week, which is expected to impact rate outlooks and market liquidity.