Apr 24 2024: Bitcoin saw a slight uptick in price on Wednesday, benefiting from a decline in the dollar overnight. However, persistent worries about higher interest rates and fading enthusiasm over ETFs kept the cryptocurrency within its recent trading range.
Over the past 24 hours, Bitcoin climbed 1% to reach $67,001.7 by 00:57 ET (04:57 GMT). This modest increase follows a period where Bitcoin has largely held between $60,000 and $70,000, following its peak above $73,000 in early March.
Despite a rebound in tech stocks this week, Bitcoin’s gains remained constrained. The recent halving event, which cut mining rewards by 50%, had little impact on its price. Likewise, the launch of the ‘Runes’ protocol, causing a surge in transaction fees, didn’t significantly move Bitcoin’s value.
Investor interest in Bitcoin ETFs also waned, with data showing capital outflows from crypto investment products for the second week in a row. This decline in ETF excitement raises doubts about Bitcoin’s potential for further price increases, especially after its surge post-ETF approvals earlier this year.
In the broader crypto market, prices showed limited movement as concerns lingered about higher U.S. interest rates. Ethereum rose by 2.4%, while XRP and Solana saw modest gains of 0.3% and 2.2%, respectively.
The crypto outlook remains tied to developments in the U.S. economy, particularly regarding interest rate expectations. Key data, including first-quarter GDP and the PCE price index, will likely influence market sentiment in the coming days.
