{"id":89668,"date":"2024-02-07T06:46:43","date_gmt":"2024-02-07T11:46:43","guid":{"rendered":"https:\/\/ifintechworld.com\/?p=89668"},"modified":"2024-02-07T06:46:45","modified_gmt":"2024-02-07T11:46:45","slug":"bitcoin-price-inches-higher-why-next-week-could-be-key","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=89668","title":{"rendered":"Bitcoin Price Inches Higher. Why Next Week Could Be Key."},"content":{"rendered":"
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\n Bitcoin
\n and other cryptocurrencies edged higher Friday but remain at relatively depressed levels into the weekend. Next week will usher in a key catalyst for the stock market that could also move cryptos.<\/p>\n

The price of Bitcoin has risen 1% over the past 24 hours to $40,500, having whipsawed either side of the psychologically important $40,000 level in recent days. The largest crypto has failed to cement gains made earlier this month after the landmark approval of spot Bitcoin exchange-traded funds (ETFs), which initially pushed prices to the highest level since early 2022 before a \u201csell the news\u201d dynamic set in.<\/p>\n

\n

\u201cVolatility in the cryptocurrency market remains subdued \u2026 Bitcoin remains around $40,000,\u201d said Alex Kuptsikevich, an analyst at broker FxPro. \u201cThe drop in equity indices over the past 24 hours hasn\u2019t been too much of a concern for cryptocurrency investors so far.\u201d<\/p>\n

Resilience in the face of swings in stocks may not last. As the ETF frenzy fades, there is evidence that Bitcoin is becoming more correlated to the stock market and the
\n Dow Jones Industrial Average
\n and
\n S&P 500
\n indexes. Investors are awaiting a key monetary policy decision from the Federal Reserve next week that could shape expectations for the pathway for interest rates, a macroeconomic trend that has a bearing on all risk-sensitive assets, including tokens.<\/p>\n

Beyond Bitcoin,
\n Ether
\n \u2014the second-largest crypto\u2014was down less than 1% at $2,230. Smaller tokens or altcoins were stronger, with
\n Cardano
\n climbing 1% and
\n Polygon
\n up 2%. Memecoins were also in the green, with
\n Dogecoin
\n and
\n Shiba Inu
\n each up 1%.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin and other cryptocurrencies edged higher Friday but remain at relatively depressed levels into the weekend. Next week will usher in a key catalyst for the stock market that could also move cryptos. The price of Bitcoin has risen 1% over the past 24 hours to $40,500, having whipsawed either side of the psychologically important […]<\/p>\n","protected":false},"author":1,"featured_media":59460,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-89668","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nBitcoin Price Inches Higher. Why Next Week Could Be Key. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Bitcoin and other cryptocurrencies edged higher Friday but remain at relatively depressed levels into the weekend. 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