From Investing.com: 2024-06-04 02:09:15

Bitcoin price stabilized near key levels on Tuesday, benefiting from weakness in the dollar and speculation about potential interest rate cuts by the Federal Reserve. The cryptocurrency rose 0.8% to $69,049.3, just 2% below its $60,000 to $70,000 trading range since mid-March.

Bitcoin experienced capital inflows in May, with digital asset investment products receiving $2 billion in total inflows. Investor sentiment towards crypto improved, with more interest seen after the SEC approved Ether ETFs and more countries approving spot ETFs tracking cryptocurrencies.

Cryptocurrency markets saw gains as traders anticipated rate cuts by the Federal Reserve, with the prospect of lower rates favoring risk-heavy assets like cryptocurrencies. The broader crypto markets experienced gains following speculation over interest rate cuts, with Ethereum falling 1.4% and meme coins like Dogecoin and Shiba Inu seeing profit-taking after strong May rallies.

Read more at Investing.com: hovers at $69k, rate cut hopes provides some support By Investing.com