Crypto bulls don’t have many reasons to be cheerful right now. The market took a breather on Thursday, with traders’ attention focused elsewhere.
Bitcoin was up 1.3% to $58,137 over the past 24 hours. Excitement about the launch of several exchange-traded funds helped the token spike to a record high of about $74,000 in mid-March, but its price has retreated since then.
Federal…
Crypto bulls don’t have many reasons to be cheerful right now. The market took a breather on Thursday, with traders’ attention focused elsewhere.
was up 1.3% to $58,137 over the past 24 hours. Excitement about the launch of several exchange-traded funds helped the token spike to a record high of about $74,000 in mid-March, but its price has retreated since then.
Federal Reserve Chair Jerome Powell said on Wednesday that the central bank would be willing to cut interest rates before inflation falls in line with its 2% target, but that did little to move crypto markets.
Traders who are feeling optimistic about the prospect of lower borrowing costs are likely still taking a cautious stance on digital assets and focusing on pockets of the equity market instead, according to FxPro analyst Alex Kuptsikevich.
“It seems that all the market bulls have moved on to U.S. and Japanese equities, avoiding cryptocurrencies…Fear remains the main driver of the market,” he wrote in a research note.
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Ether
,
which is the second-largest cryptocurrency in terms of market cap, rose 0.7% to $3,116.
So-called altcoins were mixed, with
down 0.9% to $142 and
up 2.7% to 39 cents.
fell 0.5% to 11 cents.
Write to george.glover@barrons.com