Bitcoin Rebounds Amid Regulatory Concerns
Bitcoin's price saw a slight uptick on Friday, recovering slightly from recent losses amidst lingering concerns in the cryptocurrency markets. Despite soft U.S. labor data pressuring the dollar and fueling expectations for interest rate cuts, traders remained cautious towards crypto assets. Regulatory uncertainties, including potential actions by the U.S. Securities and Exchange Commission (SEC), weighed on sentiment, exacerbated by the shutdown of a prominent privacy coin trading platform.
Bitcoin's Current Performance:
As of 07:56 ET (11:56 GMT), Bitcoin was trading up 3.5% over the past 24 hours at $63,243.4, benefiting from a drop in the dollar following the labor data release. However, sustained outflows from crypto investment products, particularly spot Bitcoin exchange-traded funds (ETFs), continued to dampen the token's performance over the past three weeks.
Stagnant Week for Bitcoin:
Despite the recent rebound, Bitcoin has seen minimal movement over the past seven days, remaining within a trading range since its decline from record highs in early March. Last week, the cryptocurrency dipped as low as $57k, marking a technical bear market from its March peaks.
Regulatory Concerns and Market Sentiment:
Ongoing regulatory scrutiny against cryptocurrencies, highlighted by the SEC's postponement of the public listing of crypto wallet operator Exodus Movement on the New York Stock Exchange, hindered Bitcoin's potential for further gains. Additionally, the closure of LocalMonero, a popular platform for Monero peer-to-peer trades, added to market uncertainties.
