From Investing.com: 2024-05-06 02:00:47

Bitcoin price bounced back slightly after exiting bear market territory, boosted by a weakened dollar. The price increased 1.7% to $64,247.2. Markets anticipated a potential 25 basis point cut by the Fed in September, which could benefit cryptocurrencies. However, Bitcoin’s recovery was constrained by uncertainty around U.S. interest rates. Despite the recovery, Bitcoin remained within a $60,000-$70,000 range seen in recent months. Capital flows into Bitcoin investment products slowed, with Bitcoin ETFs experiencing outflows for three consecutive weeks. The recovery in Bitcoin price had a positive effect on other major cryptocurrencies, with Ethereum, Binance Coin, and Cardano also seeing gains. Even with the altcoins’ gains, Bitcoin continued to dominate the cryptocurrency market, accounting for 55% of overall valuation.

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