From Investing.com: 2024-05-15 01:56:01

Bitcoin price fell slightly despite the weakening dollar, holding at $61,974.9. Federal Reserve Chair Jerome Powell indicated interest rates won’t rise further, despite hotter than expected April inflation data. Capital flows into Bitcoin products dwindled, along with regulatory threats, keeping sentiment towards crypto markets muted.

Hong Kong’s crypto ETFs saw significant outflows of $40 million, wiping out recent inflows. This coincided with souring sentiment towards Hong Kong and Chinese markets due to increased U.S. trade tariffs and mixed economic signals. Outflows also occurred in U.S. ETFs as hype over spot Bitcoin ETF approval dwindled.

Bitcoin traded within a $60,000 to $70,000 range after hitting record highs in early March. The halving event didn’t spark much price action, and concerns over regulatory actions by the SEC kept traders cautious towards crypto markets.

Altcoins saw losses ahead of U.S. CPI data, with Ethereum falling more than 1% and Dogecoin and Binance Coin losing 3% and 1.2% respectively. Meme tokens like Shiba Inu and Dogelon Mars saw declines of over 3% as sticky U.S. inflation may keep interest rates high, negatively impacting crypto markets.

Read more at Investing.com: pinned below $62k with CPI data on tap By Investing.com