From Investing.com: 2024-05-17 02:41:22

Bitcoin price fell slightly on Friday to $65,473.3, amid warnings from Federal Reserve officials cooling hopes for rate cuts. The cryptocurrency remained within a $60,000 to $70,000 range due to weak capital flows and tepid risk appetite. However, it was up 8% from lows last week, boosted by soft inflation data favoring rate cuts.

Despite hopes for rate cuts, Fed officials’ warnings led to a limited Bitcoin rally on Friday. The Fed emphasized the need for more evidence of declining inflation before considering rate cuts, leading to a recovery in the dollar and halting gains in risk-driven assets. Regulatory concerns also weighed on crypto sentiment.

Altcoins retreated on Friday, with major tokens such as Ethereum and Binance Coin lagging behind Bitcoin. Meme tokens mirrored a decline in meme stocks like GameStop and AMC Entertainment, with Shiba Inu falling 3.6% and Dogecoin dropping 2.8%. Uncertainty about U.S. interest rates contributed to the subdued crypto market sentiment.

Read more at Investing.com: stalls at $65k, but set for strong weekly bounce By Investing.com