Bitcoin price hovers around $70k, potential for a rate cut boosts institutional investments

From Investing.com: 2024-06-06 02:00:22

Bitcoin price stabilized after a dip, hovering around $70,834.5, following weak U.S. economic data. With the potential for a Federal Reserve interest rate cut, Bitcoin is edging closer to its record high, boosted by increasing institutional investments through U.S.-listed spot exchange traded funds totaling $15 billion year-to-date.

Altcoins like and saw mixed movement, inching up to $3,850.43 thanks to excitement around a potential spot Ether ETF. With major U.S. exchanges approved to list spot ETFs and anticipation of a September rate cut, altcoins like and were supported by traders betting on a more accommodating market environment.

Read more at Investing.com: edges down to $70k with rate cuts in focus By Investing.com