Bitcoin Hovers Around $70K As Decreasing Inflation Makes Everyone Cautious

Bitcoin experienced a contentious week regarding its price movements. It dropped to a ten-day low at one point, only to surge nearly five thousand dollars the following day, though it could not maintain this momentum. NEAR and STX, along with TON and AVAX, have shown notable gains among the larger-cap altcoins.

The altcoins also faced weekly setbacks but have mostly recovered after recent retracements. Dogecoin stands out as the most significant gainer among larger-cap altcoins, jumping by 5% and reclaiming the $0.18 level. The total crypto market cap has risen by about $30 billion since yesterday, reaching $2.665 trillion on CoinGecko.

The Volatility Continues

In pursuit of $68K, Bitcoin encountered a volatile week. It failed to surpass $71,000, leading to a two-thousand-dollar price drop. Despite briefly reaching $70,000 on Tuesday, bears drove another downward leg, resulting in a sharper decline to $66,000. The pressure persisted, pushing Bitcoin to a ten-day low around $64,500. This coincided with reports of the US government transferring 2,000 BTC to Coinbase, confiscated via Silk Road, fueling fears of a significant sale and contributing to the price decline.

However, Bitcoin rebounded after the crash, jumping by nearly five thousand dollars the next day, reaching just over $69,000. Yet, it fell back to $66,000 yesterday. Currently, Bitcoin is hovering around $69,000 after bulls regained control. Its market cap has risen to $1.340 trillion, with dominance over altcoins at 50.3%. Most altcoins saw declines in recent days but have now turned positive, with minor gains. ETH, BNB, SOL, XRP, ADA, SHIB, and DOT have all risen by 1-2% in a 24 hour period.

Other Markets

Investors exhibiting boldness in the stock market are now taking precautionary measures by initiating hedging strategies, as the Federal Reserve appears to have paused its policy pivot. A gradual slowdown in inflation is prompting the Fed to exercise caution regarding potential rate cuts. In Europe, investors are avoiding the riskiest high-yield bonds due to increasing concerns about defaults. Meanwhile, there is a quest to uncover the true secret behind successful art investments which have burst onto the scene as of late.

Elsewhere, New Zealand has implemented stricter regulations on worker visas, citing concerns over unsustainable migration, while Xcel Energy is announcing power cuts in parts of Colorado due to high winds. Market mogul Lemann is expressing efforts to salvage Americanas following a $5 billion fraud scandal, and there is ongoing intervention by the Hong Kong Monetary Authority impacting various currencies. Lastly, preparations for the eclipse in New York range include adventurous activities like skydiving to more serene options like wine tasting, while Puig Group SL in Spain is reportedly gearing up for an IPO filing as early as Monday.