Bitcoin and Ether Rise. Here’s What’s Set to Move Crypto Prices.
Bitcoin and other cryptocurrencies were gaining early on Monday but the largest crypto remains range-bound, with eyes on the Federal Reserve.
Bitcoin was up 2.3% over the last 24 hours to $69,066. Bitcoin hit a record high near $74,000 in mid-March amid a surge of interest from new spot exchange-traded funds but its price has dropped since then.
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Bitcoin and other cryptocurrencies were gaining early on Monday but the largest crypto remains range-bound, with eyes on the Federal Reserve.
Bitcoin
was up 2.3% over the last 24 hours to $69,066. Bitcoin hit a record high near $74,000 in mid-March amid a surge of interest from new spot exchange-traded funds but its price has dropped since then.
Ether
—the second-largest crypto—was up 0.9% at $3,816 and is up 23% over the past month.
The Securities and Exchange Commission recently approved critical rule changes to allow spot Ether exchange-traded funds to trade. However, it could still take weeks or months before receiving final permission to launch the products.
Cryptocurrencies, like other risk assets, have been held back by relatively high bond yields as the market scales back expectations for interest-rate cuts from the Federal Reserve.
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That means all eyes will be on the Bureau of Labor Statistics’ publication of April employment data on Friday. Economists’ consensus estimate is for growth of 180,000 nonfarm payrolls, which would be 5,000 more than in March. A number below that would likely push down bond yields and help the crypto sector.
Smaller cryptos or altcoins were gaining with
Solana
rising 0.5% and
Cardano
advancing 1.2%.
Dogecoin
rose 2.5%.
Write to Adam Clark at adam.clark@barrons.com
This article was originally published by a www.barrons.com
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