The price of Bitcoin sank and then plateaued on Thursday, even as U.S. stocks advanced on rising rate cut hopes and U.S. President Donald Trump’s latest trade-related utterances.
Bitcoin was recently changing hands around $93,300, roughly flat over the past day, after falling as low as $91,800 midday, according to crypto data provider CoinGecko. Altcoins were mixed, with Ethereum falling 1.8% to $1,760 while Solana climbed 1% to around $151.
In an interview with CNBC’s Squawk Box, Beth Hammack, President of the Federal Reserve Bank of Cleveland, said the central bank will be “preemptive” on rate cuts when it becomes clear how Trump’s on-again, off-again tariffs are impacting the U.S. economy.
On Wall Street, the S&P 500 rallied 2% while the tech-heavy Nasdaq surged 2.6%, according to Yahoo Finance. Both indices are still below their opening price on April 2, when Trump unveiled “reciprocal” levies on nearly every nation, while Bitcoin has since notched gains. Until recently, Bitcoin had been largely correlated to the tech stocks that are a major part of these indexes.
While some economists fear that sweeping levies will add to inflation, gauges like the Consumer Price Index have recently come in soft. Trump referenced consumer prices that are “trending so nicely downward” when he pressured Fed Chair Jerome Powell to lower rates on Sunday, calling into question whether the Fed was moving too slowly, in a post on his Truth Social media platform.
Traders now foresee a 45% chance that the central bank will deliver two rate cuts by the conclusion of its policy meeting in July, up from 40% a day prior, according to CME FedWatch, which measures the probability of Fed rate actions. Traders’ expectations that the Fed will hold rates steady fell to 9% from 12% a day before.
Although Bitcoin’s price fell slightly, spot Bitcoin ETFs have generated notable inflows, attracting $1.8 billion over the past two days, according to crypto data provider CoinGlass. That is the highest two-day total since Jan. 3-4.
“The disconnect between massive ETF inflows and price stagnation suggests that institutional buying is now being offset by profit-taking and declining retail activity,” Valentin Fournier, lead research analyst at research firm BRN wrote in a Wednesday note.
On Truth Social, Trump appeared to needle China as the White House looks to cut a deal. In a post on Truth Social, he urged airline manufacturer Boeing “to default China for not taking the beautifully finished planes that China committed to purchase.”
Edited by James Rubin
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