Bitcoin
Stable at $67,000 as analysts await more Fed signals By Investing.com
Investing.com – The price rose slightly on Monday after recovering over the weekend, although the token still remained range-bound amid lingering caution over the outlook for US interest rates.
The world’s largest cryptocurrency moved little in the last 24 hours and stabilized at US$67,085.1 at 09:13 ET (13:13 GMT). It still remained within the $60,000 to $70,000 trading range established since mid-March, with few catalysts available for an immediate breakout.
Appetite for Bitcoin has also been overshadowed by a stellar rally in metals markets. A combination of safe-haven demand and long positioning hit a record high on Monday.
Bitcoin Range as More Fed Signals in Sight
This week’s focus has been squarely on further suggestions from the Federal Reserve, which are likely to influence the outlook for interest rates.
The Fed’s late-April meeting is scheduled for this Wednesday, while a number of Fed officials — notably members of the rate-setting committee — are expected to speak this week.
Any further indications on interest rates will largely be in focus, after some subdued inflation readings for April put the market’s focus squarely on a rate cut in September. But Fed officials warned that the bank needed more convincing that inflation was slowing.
The also stabilized from last week’s losses, limiting any major upside in Bitcoin. Fears of potential geopolitical instability in the Middle East, following the death of Iran’s President and Foreign Minister in a helicopter crash, also kept risk appetite subdued and traders leaning towards safe havens such as gold and the dollar. .
This came amid dwindling capital flows into crypto investment vehicles as enthusiasm over Bitcoin exchange-traded funds launched earlier this year fizzled out.
Crypto Price Today: Altcoins Track Moderate Bitcoin Moves
Most major altcoins also moved in a stable to bearish range on Monday, tracking muted moves in Bitcoin as sentiment remained subdued.
The world’s No. 2 token rose 0.4% to $3,090.91 while falling 0.3%. rose 5.1%.
Memecoins had mixed performance, with DOGE and SHIB rising 1.2%, while SHIB remained stable.
Altcoins have struggled to gain traction in recent months as much of crypto capital flows have remained largely focused on Bitcoin. Potential regulatory moves against Ethereum by the Securities and Exchange Commission have also dampened appetite for altcoins.
Number of new Bitcoin wallets is the lowest since 2018
The number of new Bitcoin wallets has fallen to the lowest level since 2018, pointing to waning interest and reduced activity within the Bitcoin ecosystem.
According to data from The Block, just an average of 275,000 addresses were added to the Bitcoin network every day last week, compared to 625,000 addresses six months ago.
Other closely watched metrics also declined, including miner revenue measured by hash rate, which reached record levels. Transaction fees and volume metrics on the network are also in the red.
Meanwhile, despite the current slowdown in on-chain metrics, new protocols on the Bitcoin network are attracting record levels of interest from venture capital firms, potentially setting the stage for a future resurgence.