The digital asset is coming off a considerable bullish streak
He bitcointhe cryptocurrency with the highest value and best known, accumulated a weekly revaluation of 5% on Friday afternoon, reaching around $72,100 in a context marked by the approval at the end of May in the United States of ethereum exchange traded funds (ETFs) and the outlook for interest rates.
According to market data, the digital asset rose 1.75% on Friday morning, on the edge of the $72,000 and, in turn, focusing on the historical highs of last March 14 at almost 74,000 dollars.
However, the advances have completely faded and it has briefly gone negative, putting the level of prices at risk. $70,000 after knowing the official United States employment report in May. This macroeconomic reference has shown two faces: on the one hand, the unemployment rate has risen one tenth to 4%, but job creation, on the other hand, has remained solid.
In any case, investors have interpreted the data as a preview that the Federal Reserve (Fed) will maintain a tough monetary policy through which only one or two rate cuts will be made before the end of the year, which is why they have preferred to go for currencies such as the dollar and public debt. All in all, bitcoin regained its positive tone to a certain extent in the afternoon and at the closing time of the European stock markets it rose 0.5%.
The digital asset is coming off a considerable bullish streak since it rose 13% in May, mainly spurred by capital inflows into ETFs and the approval in the United States of this type of vehicles in ethereum, a cryptocurrency that has accumulated a revaluation of 66% in the year, until it is around the 4,000 dollars.
Precisely, it was the approval of bitcoin ETFs at the beginning of the year in the United States that motivated the bullish ‘rally’ that took said digital asset to all-time highsa point it reached in early March.
After reaching that high, bitcoin has generally gone through a spring of consolidation – although it eventually fell below the $60,000– and with the momentum of recent weeks it lays the groundwork to go for a new all-time high. So far this year, bitcoin has accumulated a revaluation of 67% compared to the $42,500 with which it ended 2023.
