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Investing.com – Bitcoin prices fell slightly on Thursday, showing little relief, as risk appetite remained broadly weak amid uncertainty over U.S. interest rates and signs of a slowdown in capital flows also weighed.
The price fell 0.9% in the last 24 hours to $65,525.6 by 01:49 ET (05:49 GMT), well below record highs reached in March.
Bitcoin remained largely volatile in recent sessions as mixed evidence of interest rate cuts in the US largely kept traders from making big bets. Expectations of key U.S. data later in the week also deterred big trades.
The token received little support from weakness in the U.S. dollar, which fell from recent five-month highs after Federal Reserve Chairman Jerome Powell gave mediocre guidance on interest rates. While Powell said the bank remains in favor of cutting interest rates in 2024, he gave little indication of the timing or extent of the cuts.
Powell also said the Fed needs more confidence that inflation is moving back toward its annual target of 2%.
In addition to Powell, other members of the Fed's interest rate committee will also speak later this week.
Crypto Prices Today: XRP and ETH Subdued as Money Flows Favor Bitcoin
Other major cryptocurrencies also saw moderate moves as recent data showed that a majority of capital flows remained heavily tilted towards Bitcoin. fell 2.4% to a one-month low pending further developments in the case vs. SEC.
The world's second-largest cryptocurrency rose 0.3% to $3,301.48 ahead of an SEC decision on spot exchange-traded funds for the token in May.
Flow data from digital asset manager CoinShares showed this week that while capital inflows into digital assets have resumed after a record outflow, a majority of inflows remained largely focused on Bitcoin.
However, CoinShares analysts also noted that ETF activity slowed while capital inflows increased. Daily trading volume fell to $5.4 billion in the week ended March 30, down 36% from the peak three weeks ago. The decline suggested that the hype surrounding Bitcoin ETF approval was now fading after initially sparking a strong rally over the past two months.
The approval of spot Bitcoin ETFs has been a key driver of the token's rally so far in 2024, helping it to record highs of over $73,000 in March.
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