May 10 2024: Bitcoin’s price rebounded on Friday, surpassing $63,000 as the dollar weakened slightly, providing relief to crypto markets amidst ongoing regulatory concerns.
Traders remained cautious due to regulatory actions against major crypto players by the U.S. SEC, including the postponement of the public listing of Exodus Movement and potential action against Robinhood over crypto tokens.
Bitcoin, which had fallen to $57,000 last week, stayed within a trading range after its drop from record highs in March. The shutdown of LocalMonero and delays in Ethereum ETF decisions added to regulatory anxieties.
Altcoins mirrored Bitcoin’s rise, with Ethereum up 1.9%, XRP climbing 0.3%, and Solana gaining over 8% in a broader green market.
Dogecoin (DOGE) showed potential for a bullish “golden cross” pattern, hinting at short-term momentum exceeding long-term, but historical trends don’t guarantee future performance.
Overall, while weak jobless claims data hinted at potential Fed rate cuts, the central bank is not expected to act until September, which could continue to influence crypto markets in the near future.