#Bitcoin's price held steady around $69,000, buoyed by speculation of potential interest rate cuts by the #FederalReserve, which weakened the #dollar and prompted some investors to seek refuge in #cryptocurrencies. Over the past 24 hours, Bitcoin saw a modest 0.8% increase, inching closer to breaking out of its $60,000 to $70,000 trading range that has persisted since mid-March. However, the sustainability of Bitcoin's rise above $70,000 remains uncertain.

In May, digital asset investment products witnessed continuous inflows for the 4th consecutive week, totaling $2 billion for the month. Bitcoin attracted the majority of these inflows, while #Ether also saw increased capital influx following the #SEC's approval of Ether-based exchange-traded funds (#ETFs). Despite improved sentiment towards cryptocurrencies, trading volumes and daily turnover in crypto investment products remained subdued.

The broader cryptocurrency market also experienced gains, fueled by optimism surrounding potential rate cuts by the Fed. Weak #US purchasing managers index #PMI data spurred speculation of a rate cut as early as September, leading traders to favor riskier assets like cryptocurrencies. As a result, #Ethereum fell by 1.4% to $3,762.49, while other cryptocurrencies such as SOL and XRP posted marginal gains. Memecoins like SHIB and DOGE, however, saw declines as investors engaged in profit-taking following robust gains in May.