According to the CME's FedWatch tool, the market expects the American Central Bank to maintain interest rates at current levels, between 5.25 and 5.5%, at the next meeting, scheduled for Wednesday (12).
Bitcoin High 2024 (DALL-E Livecoins)
American Bitcoin ETFs had their best performance in the last 83 days, recording inflows of US$886 million (R$4.7 billion) this Tuesday (4). As a result, Bitcoin has appreciated by around 4% and is trading close to US$71,000.
Although IBIT, BlackRock's ETF, recorded inflows of US$274.4 million, the highlight is FBTC. In total, the Fidelity ETF ended the day with $378.7 million in purchases.
Other managers also had a good day. While Ark Invest saw inflows of $138.7 million into ARKB, Bitwise saw another $61 million come into BITB. Even Grayscale, famous for outflows, had $28.2 million in inflows.
Bitcoin ETFs had large inflows this Tuesday (4), with highlights being BlackRock's IBIT and Fidelity's FBTC. Source: Farside.
More than 60 American banks are in trouble, FDIC reveals
Although the reason for the purchase of R$4.7 billion in Bitcoin ETFs this Tuesday (4) is unknown, the FDIC recently revealed that the number of banks with financial problems grew from 52 to 63 in the last quarter.
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Functioning like the Credit Guarantee Fund in Brazil, but privately, the FDIC's objective seeks, among others, to supervise the banking sector in the USA.
“The number of banks on the Problem Bank List […] increased from 52 in the fourth quarter of 2023 to 63 in the first quarter of 2024,” the FDIC wrote. “The number of problem banks represented 1.4% of the total banks, which was within the normal range for non-critical periods, one to two percent of all banks.”
“Total assets held by troubled banks increased by $15.8 billion to $82.1 billion during the quarter.”
Added to this, on the same day the Fed published a study pointing out that countries like China and India, the two largest in the world, are abandoning the dollar and buying gold to make up their international reserves.
Other countries mentioned are Russia, sanctioned by the US, Turkey, which suffers from hyperinflation, and also Switzerland. As always, the American Central Bank tried to alleviate the situation.
“In today’s publication, the authors note that narratives about the declining share of the dollar in official reserves and the increasing role of gold reserves by central banks inappropriately generalize the actions of a small group of countries.”
Therefore, these two pieces of news may have influenced large investors to invest in Bitcoin, which has been seen as an alternative to gold for a few years due to its scarcity.
Cryptocurrencies hitch a ride and operate higher in early June
With the market confident, other cryptocurrencies are also showing good valuations this week. One of the highlights is BNB, a cryptocurrency linked to Binance, which reached US$700 this Wednesday (5). This is its highest price in history.
Binance Coin (BNB) reaches US$700, its highest price in history.
Another that is also at its highest is Toncoin (TON), a cryptocurrency linked to Telegram. Trading at US$7.40, the currency accumulates gains of 13.4% in the week and remains among the 9 largest on the market.
Others like Ethereum and XRP remain more timid. ETH operating with a daily increase of 1% and XRP with 1.22%, both losing to Bitcoin. In any case, investors are awaiting the launch of ETH ETFs in the US, approved at the end of last month, which could affect its price.
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