Economic data released yesterday in the USA raised expectations in the market that the Fed may cut interest rates this year. Meanwhile, while record inflows were seen into spot Bitcoin ETFs on a daily basis, Bitcoin rose to the $ 71,000 range.
While Bitcoin continued its positive trend in the last 24-hour transactions, it appreciated by 2.5% after the ETF transactions that saw record inflows yesterday and closed the day at $ 70,530. Bitcoin, which started the new day with buyers, continued to be traded in the $ 71,000 range in the first hours of the day.
Comments in the market were that confidence that the Fed would cut interest rates increased due to the Job Opportunities and Personnel Turnover Rate (JOLTS) data announced yesterday coming in below expectations. While this expectation created an effect that increased risk appetite, the positive trend continued in Bitcoin. On the other hand, the rapid entry of the cryptocurrency to $ 70,000 also strengthened the expectations that the record level, which is currently approximately 5% away, will be exceeded.
November is pointed out for the Fed's interest rate cut
Market investors began to expect an earlier interest rate cut from the Fed due to the weakening of the labor market in the United States, reaching its lowest level since 2021, and inflation remaining moderate, although far from the target.
In this context, the FOMC meeting on June 12 has become increasingly important. While it is certain that the Fed will keep the interest rate constant this month, clues will be sought as to when the interest rate cut will begin.
Following the latest economic data, the decline in US Treasury bonds continued and the dollar index tested its support at 104 levels.
Record entry into spot Bitcoin ETFs
Following the latest developments, it was reported that there was a net inflow of 887 million dollars into spot Bitcoin ETFs in yesterday's transactions. This was recorded as the second highest net inflow on a daily basis. Yesterday, Grayscale's GBTC also supported positive fund flows, recording net inflows of $28.2 million. On the other hand, the ETFs that raised the highest funds were FBTC with 379 million dollars and IBIT with 274 million dollars.
On the other hand, the fact that spot Bitcoin ETF trading will start in Thailand this week, after Australia, has been received extremely positively, indicating that there is a worldwide interest in these investment products.
There are also significant gains in the altcoin market
The positive trend in Bitcoin also triggers the altcoin market. Among the top 20 cryptocurrencies in the last 24 hours, UNI stands out with an increase in value of 18%, BNB by 12%, TON by 9%, and SHIB and NEAR by 8%. As of now, there were no cryptocurrencies in the top 20 that were moving in negative.
While 7 altcoins among the top 100 cryptocurrencies achieved double-digit gains in the last 24 hours, the highest decline was the 9% withdrawal of NOT, which has seen a significant rise in recent days.
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