Bitcoin (BTC) trades sideways between $59,900 and $61,000. The overall crypto market cap slightly retreated to $2.1 trillion after failing to break through the $2.15 trillion mark.
Major tokens like ETH, SOL, and BNB saw minor gains, while TRX dropped after a rally. Spot Bitcoin ETF inflows were weak, indicating a lack of new institutional interest.
Meanwhile, as one firm predicted, the total value locked in Ether Liquid Staking Derivatives (LSDs) is on track to double by August 2025.
Bitcoin (BTC) zigzagged between $61,000 and $59,900 in the past 24 hours, continuing its sideways price action amid the lack of notable catalysts to fuel a move in either direction.
BTC spiked late Wednesday as U.S. job growth for the 12-months ending in March 2024 was 818,000 lower than previously reported.
Separately, some news outlets reported that Robert Kennedy Jr. was planning to drop out of the 2024 presidential race by the end of this week and would endorse Republican Donald Trump, who has positioned himself as a pro-crypto President if elected. Polymarket bettors give it an almost 94% chance of it happening, a major shift from earlier in the week.
The price jump was short-lived, however, as traders quickly took profits and sent BTC tumbling back to as low as $59,900. It recovered to over $60,800 in Asian trading hours Thursday, leading to slight market-wide gains.
“The crypto market once again failed to break through the $2.15 trillion cap mark, falling 2.3% to $2.1 trillion, almost back to where it started Tuesday,” shared FxPro’s Alex Kuptsikevich in a note. “From the technical analysis side, Bitcoin retreated to the downside after another test of its 50-day average - ranging for the past six days.
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