Markets
Bitcoin (BTC) Price Recovery Halts as Dollar Rebounds; Focus on US Jobless Claims
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 cryptocurrency market, represented by the CoinDesk 20 (CD20), also faced lackluster trading during European hours. The pause coincided with the dollar index (DXY) surging above 106, its highest since May 2. maintain investors’ appetite for risk under control ahead of U.S. Q1 GDP data, May durable goods and weekly unemployment report scheduled for 12:30 UTC (08:30 EST). “The market may be more sensitive to weekly jobless claims, given their recent increase and the growing sentiment, expressed by San Francisco Fed President Daly, that the labor market appears to be at an inflection point,” Bannockburn Global Forex Managing Director and market strategist Marc Chandler said in a market update. Crypto traders will be keeping a close eye on the Biden-Trump presidential debatescheduled for 9:00 p.m. EST, for clues on what the outcome of the November election could mean for the industry.
A consensus is quickly emerging that demand for US-based spot ether ETFs may not be as strong as for bitcoin ETFs. On Wednesday, Galaxy Research said the 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 over the first five months, with 30% as a target, implying $1 billion per month in net inflows” , wrote analyst Charles Yu. Galaxy also warned that demand could be limited due to the lack of staking rewards, echoing comments from Bernstein And J.P. Morgan and said outflows from the Grayscale Ethereum Trust (ETHE) could dampen overall inflows. The SEC could approve the funds as early as July 4, according to a Reuters report on Thursday. Options traders predict a new bullish dynamic for ether after this date.
Bitcoin miner Marathon Digital (MARA) became a multicoin miner to diversify its sources of income as the recent Bitcoin halving cut profits by 50% and made the industry more competitive. The company has mined 93 million kaspa (KAS) tokens since September 2023, worth about $15 million, and has brought 30 machines worth of petahash online to mine the token, with another 30 to come online by Q3. “By mining Kaspa, we are able to create a diversified revenue stream from Bitcoin that is directly tied to our core competency in digital asset computing,” Adam Swick, Marathon’s chief growth officer, said in a statement.
CORRECTION (June 27, 1:32 p.m. UTC): Removes spurious references to Bitwise from the second bullet in the Publication Trends section.