Markets
Bitcoin (BTC) price recovery stagnates as dollar rises; US unemployment claims in focus
Bitcoin’s recovery from Monday’s low below $59,000 has stalled as buyers struggled to maintain momentum above $61,000. Ether and the broader crypto market, represented by CoinDesk20 (CD20) Index, also faced lackluster trading during European hours. The pause coincides with the dollar index (DXY) reaching 106, the highest since May 2. maintain investor risk appetite under control ahead of first-quarter US GDP data, durable goods for May and a weekly unemployment report programmed to 12:30 UTC (08:30 EST). “The market may be more sensitive to weekly unemployment claims given the recent surge and a growing sense, articulated by San Francisco Fed President Daly, that the labor market appears to be at an inflection point,” said the managing director and head of Bannockburn Global Forex. market strategist, Marc Chandler, in a market update. Crypto traders will be closely watching the Biden-Trump presidential debatescheduled for 9 p.m. EST, for clues about what the outcome of the November election could mean for the industry.
Consensus is rapidly growing that demand for US-based spot ether ETFs may not be as strong as for bitcoin ETFs. On Wednesday, Galaxy Research said ETFs, once approved, could generate $1 billion in net inflows per month. “We expect net inflows into ETH ETFs to be 20-50% of net inflows into BTC ETFs during the first five months, with 30% as our target, implying $1 billion/month in net inflows,” wrote analyst Charles Yu. Galaxy also warned that demand may be limited due to a lack of staking rewards, echoing comments from Bernstein It is JP Morgan and said outflows from the Grayscale Ethereum Trust (ETHE) could act as a hindrance to overall inflows. The SEC could approve the funds as early as July 4, according to a Reuters report on Thursday. Options traders predict a renewed bullish momentum in Ether after that date.
Digital Marathon Bitcoin Miner (MARA) it became a multicoin miner to diversify your income stream as the recent Bitcoin halving reduced profits by 50% and made the industry more competitive. The company has mined 93 million kaspa (KAS) tokens since September 2023, valued at around $15 million, and has placed 30 petahash in online machines to mine the token, while 30 more will begin in the third quarter. “By mining Kaspa, we are able to create a diverse revenue stream from Bitcoin that is directly tied to our core competencies in digital asset computing,” Adam Swick, chief growth officer at Marathon, said in a statement.