Crypto Week at Glance: Bitcoin, Ethereum remain resilient despite volatile week

economictimes.indiatimes.com:

cryptocurrency market experienced a volatile week, driven by the release of the Consumer Price Index (CPI) data for May and discussions surrounding Monetary Policy. Throughout the week, the trading range of Bitcoin (BTC) fluctuated between the levels of US$24,900 and US$26,250. Initially, Bitcoin started the week above the US$26,000 mark, but it later dropped below US$25,000, reaching its lowest point since March. This drop was influenced by the Federal Reserve's decision to maintain unchanged interest rates. Surprisingly, the Fed also projected two additional interest rate hikes in the current cycle, which aligned with investor expectations. However, contrary to expectations, the crypto market changed course and resumed the sell-off that had been ongoing for the past three weeks. Additionally, after a series of ten consecutive rate hikes, the Fed's benchmark interest rate currently stands between 5% and 5.25%. This signifies the highest rate since 2007 and determines the interest charged on short-term loans by banks and other depository institutions. In the last 24 hours, Bitcoin (BTC) witnessed a notable surge, surpassing the US$25,500 level and rebounding from its three-month low reached on Wednesday. This recovery could be attributed, at least in part, to the submission of a crypto-backed exchange-traded fund (ETF) application by BlackRock. BTC's gain of over 1% halted its three-day losing streak. These developments occurred concurrently with legal actions initiated by the U.S. Securities and Exchange Commission against Binance and Coinbase. Despite a 6% decline in its performance for the month, Bitcoin has exhibited a remarkable 53% growth since the beginning of the year.

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