On the website btccoinzone. Com—While investors continued to watch.. inflation data for further clues about interest rates, the Bitcoin price drops below dipped marginally on Tuesday, remaining firmly inside a trading range defined over the previous two months. Despite investment products experiencing their first inflows in five weeks, minimal price action was observed due to a resurgence in capital flows into crypto investment products.
Bitcoin fails to capitalize on improving crypto capital flows.
Data revealing that crypto investment products, particularly spot Bitcoin price drops below exchange-traded funds, had their first weekly capital inflows in five weeks provided minimal support for the world’s largest cryptocurrency. Crypto products received $130 million in the week ending May 12, according to data from digital assets manager CoinShares. The majority of this funding came from the United States. Spot Bitcoin exchange-traded funds (ETFs) launched in Hong Kong have attracted some investors.
Although capital flows improved, trading volumes for crypto investment products stayed dismal, far lower than in March, when Bitcoin price dropped below its all-time high. Due to a lack of actual price activity caused by a combination of interest rate concerns, regulatory uncertainty, and dwindling ETF enthusiasm, the world’s largest cryptocurrency has settled into a narrow trading range between $60,000 and $70,000 during the previous two months. Also, the much-anticipated halving event for the token fell flat.
Crypto price today: Altcoins see mixed performance as inflation angst limits optimism
On Tuesday, other cryptocurrency markets rose in tandem with Bitcoin. Ethereum, the second most valuable cryptocurrency in the world, fell 1.9% to $2,906.00, Solana rose 0.4%, and X.R.P. was unchanged. Memecoins fared better, following the overnight surge of meme stocks on Wall Street, such as A.M.C. Entertainment Holdings Inc (NYSE: A.M.C.) and GameStop Corp (NYSE: G.M.E.). More than 5% increased in Dogecoin, and over 20% in the relatively new memecoin PEPE.
However, in light of this week’s crucial statistics, crypto prices stayed relatively low. On Tuesday, we will get producer price index inflation data; on Wednesday, we will get the much-anticipated consumer price index data. Amid ongoing worries that rates will stay high for an extended period, both figures are anticipated to influence the future ofU.S.. rates. Given that cryptocurrency markets typically flourish in low-rate, high-liquidity environments, the likelihood of high
There will be little impact on the country’s cryptocurrency regulatory ambitions from the U.K.K.ection.
An upcomingU.K.. election is unlikely to derail progress in crypto regulation, industry stakeholders said in an interview with CoinDesk. Although an election date hasn’t been announced, it is expected to happen later this year. The ruling Conservative party, in power since 2010, has introduced several crypto measures to make theU.K.. a crypto hub since 2022. They have introduced a market bill enabling the Financial Conduct Authority (FCAF.C.A.o) to regulate crypto as a financial activity.
A lot of people think the Conservatives will actually pass laws legalizing stablecoins and staking before the next election. Adam Jackson, director of policy at Innovate Finance, said the country needs secondary legislation to formally task the FCAF.C.A.th for regulating crypto, including stablecoins.
“That’s what the government said they would do,” Jackson told CoinDesk. “We haven’t heard otherwise as to why that’s not feasible. So all things being equal, they should have those powers by the time of the national election.”
