Bitcoin Stagnates at $30,000 Level, Awaits US Bitcoin ETF Update and Fed Meeting

news | 11.07.2023 08:15
Bitcoin Stagnates at $30,000 Level, Awaits US Bitcoin ETF Update and Fed Meeting

Bitcoin

Bitcoin remains stuck around the $30,000 level as Wall Street awaits any US Bitcoin ETF update and as market expectations for a 25 basis point hike at the next Fed meeting seems very likely. Stocks are looking a little toppy ahead of earnings and that might mean risk aversion might be ready to make a return.  Bitcoin got a strong vote of confidence from Standard Chartered, with a price target of $50,000 this year and $120,000 for 2024.  Miner profitability was one of the key reasons for the elevated price targets, but that might not be as easy as electricity costs grow and over surging debt payments

Bitcoin appears locked in a range, but that might continue as we may have to wait months before getting any concrete ETF updates.

 

bitcoin $30 000 level wall street US Bitcoin ETF fed meeting 25 basis point hike stocks earnings risk aversion vote of confidence Standard Chartered price target miner profitability electricity costs surging debt payments rangebound concrete ETF updates.
Bitcoin Stagnates at $30,000 Level, Awaits US Bitcoin ETF Update and Fed Meeting

Ed Moya

With more than 20 years’ trading experience, Ed Moya is a senior market analyst with OANDA, producing up-to-the-minute intermarket analysis, coverage of geopolitical events, central bank policies and market reaction to corporate news. His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies. Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Most recently he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business and Sky TV. His views are trusted by the world’s most renowned global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Breitbart, The New York Times and The Wall Street Journal. Ed holds a BA in Economics from Rutgers University.

Recommended

Very Weak Start to Second Quarter Signals Possible Technical Recession in the Netherlands

Copper's plunge indicates that China’s rebound may be fading

ING Economics 24.05.2023 21:10
commodities
Federal Reserve splits highlighted by May FOMC minutes

Federal Reserve splits highlighted by May FOMC minutes

ING Economics 24.05.2023 21:07
forex
Nasdaq 100 posted a new one year high. S&P 500 ended the day unchanged

Palantir Stock Forecast: With PLTR up 55% on month, can May rally continue?

FXStreet News 24.05.2023 16:22
stockmarkets
UK Jobs Report Strengthens Case for June Rate Hike and Signals Caution on Rate Cuts

Fine Selling Initiative

Monica Kingsley 24.05.2023 16:02
stockmarkets
Factors Impacting Selena FM: Exchange Rates, Competitive Pressures, Raw Material Prices, Construction Market, and M&A Risks

Warsaw Stock Exchange: ENTER AIR - ANALYTICAL REPORT – SUMMARY

GPW’s Analytical Coverage Support Programme 3.0 24.05.2023 14:45
stockmarkets
Comparative Valuation Analysis: Selena FM vs. Peers in the Construction Materials Manufacturing Sector

Warsaw Stock Exchange: KOGENERACJA S.A. 1Q23 in line with preliminary

GPW’s Analytical Coverage Support Programme 3.0 24.05.2023 14:08
stockmarkets
Bank of England hikes rates and keeps options open for further increases

UK economy: April inflation print showed a 1.2% rise in consumer prices. It's noticeably more than expected

Alex Kuptsikevich 24.05.2023 13:03
forex
Turbulent Q2'23 Results for [Company Name]: Strong Exports Offset Domestic Challenges

Warsaw Stock Exchange: Brand24 (B24) - 1Q23 financial results

GPW’s Analytical Coverage Support Programme 3.0 24.05.2023 12:39
stockmarkets
Peer Valuation: Toya's Position Among Global Power and Hand Tool Producers

Warsaw Stock Exchange: Unimot - 1Q23 results revealed; Adjusted EBITDA close to the preliminary figures published earlier

GPW’s Analytical Coverage Support Programme 3.0 24.05.2023 12:39
stockmarkets
Kim Cramer Larsson takes a technical look at Bitcoin and Ethereum

The volume of ETH in stacks has increased by over 4 million coins

Alex Kuptsikevich 24.05.2023 09:42
crypto

Articles that may interest you

Very Weak Start to Second Quarter Signals Possible Technical Recession in the Netherlands

Copper's plunge indicates that China’s rebound may be fading
Federal Reserve splits highlighted by May FOMC minutes

Federal Reserve splits highlighted by May FOMC minutes
Nasdaq 100 posted a new one year high. S&P 500 ended the day unchanged

Palantir Stock Forecast: With PLTR up 55% on month, can May rally continue?
UK Jobs Report Strengthens Case for June Rate Hike and Signals Caution on Rate Cuts

Fine Selling Initiative
Factors Impacting Selena FM: Exchange Rates, Competitive Pressures, Raw Material Prices, Construction Market, and M&A Risks

Warsaw Stock Exchange: ENTER AIR - ANALYTICAL REPORT – SUMMARY
Comparative Valuation Analysis: Selena FM vs. Peers in the Construction Materials Manufacturing Sector

Warsaw Stock Exchange: KOGENERACJA S.A. 1Q23 in line with preliminary
Bank of England hikes rates and keeps options open for further increases

UK economy: April inflation print showed a 1.2% rise in consumer prices. It's noticeably more than expected
Turbulent Q2'23 Results for [Company Name]: Strong Exports Offset Domestic Challenges

Warsaw Stock Exchange: Brand24 (B24) - 1Q23 financial results
Peer Valuation: Toya's Position Among Global Power and Hand Tool Producers

Warsaw Stock Exchange: Unimot - 1Q23 results revealed; Adjusted EBITDA close to the preliminary figures published earlier
Kim Cramer Larsson takes a technical look at Bitcoin and Ethereum

The volume of ETH in stacks has increased by over 4 million coins
FXMAG
Social media
Crypto

© 2020 FXMAG. All Rights Reserved

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.

Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events.
Trading on margin increases the financial risks.

Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets,
carefully consider your investment objectives, level of experience and risk appetite,
and seek professional advice where needed.

FXMAG would like to remind you that the data contained in this website is not necessarily real-time nor accurate.
The data and prices on the website are not necessarily provided by any market or exchange, but may be provided bymarket makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes.

FXMAG and any provider of the data contained in this websitewill not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website. It is prohibited to use, store, reproduce, display, modify,
transmit or distribute the data contained in this website without the explicit prior written permission of FXMAG and/or the data provider.

All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
FXMAG may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.