Cryptocurrencies Down as Rate Cut Hopes Fade — Market Talk
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The idea of new Federal Reserve chairman Kevin Warsh ushering in a regime of interest rate cuts has faded, which is one reason bitcoin and other cryptocurrencies are down. Bitcoin is off 2% to $76,660, according to data from LSEG, bringing the value down to a near-term support level after rising as high as $82,000 last week. Trading below $78,000 for an extended period will be a test for bitcoin, one "that could determine whether the broader recovery structure remains intact," says Bitfinex in a note. Lower capital inflows into bitcoin ETFs are showing that institutional interest in bitcoin may not be as strong as hoped for, says the firm. The divergence suggests that "institutional conviction remains insufficient to absorb ongoing macroeconomic shocks and rate volatility," Bitfinex says. (kirk.maltais@wsj.com)
source: https://www.tradingview.com/news/DJN_DN20260518004872:0/
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