Summary
TLDR: Bitcoin has recovered slightly after U.S. President Biden expressed optimism about a rate cut this year. The wider crypto market also rose, with the top 10 cryptocurrencies in the green. Inflation rates remain high, but the Federal Reserve is hesitant to cut interest rates, leading investors to traditional safe havens. Bitcoin ETFs saw a reversal of outflows, with $123.7 million entering exchange-traded products. Subscribe to Alpha Reports for more insights.
Key Points
1. Bitcoin has staged a mini-recovery after U.S. President Joe Biden expressed optimism over the chances of a rate cut this year.
2. Biden expects to see a rate cut before the end of the year, which may delay it a month or so.
3. The wider crypto market rose in lockstep with Bitcoin, with the market cap of all cryptocurrencies up 2.3% to $2.77 trillion, and the top 10 cryptocurrencies all in the green over the past 24 hours.