Bitcoin (BTC) Price, Crypto Election Issue, Terraform Labs $4.5B SEC Settlement, Binance Founder CZ Estimated to Be 24th Richest Person in the World

The past week has been a wild ride for the price bitcoin (BTC). The price of bitcoin fell below $67,000 on Tuesday ahead of May inflation data

Bitcoin price drops below $67K ahead of key inflation data; crypto becomes hot topic on U.S. presidential campaign trail

Bitcoin price fell below $67,000 on Tuesday, ahead of crucial U.S. inflation data and the Federal Reserve's two-day meeting. The world's largest cryptocurrency by market capitalization later regained some ground on Wednesday but tumbled again on Friday.

While other risk assets such as stocks bounced back on cooler-than-expected inflation data, bitcoin failed to claw back the losses.

Bitcoin price fell below $67,000 on Tuesday, ahead of crucial U.S. inflation data and the Federal Reserve's two-day meeting. The world's largest cryptocurrency by market capitalization later regained some ground on Wednesday but tumbled again on Friday.

While other risk assets such as stocks bounced back on cooler-than-expected inflation data, bitcoin failed to claw back the losses.

Bitcoin price movements this week

After failing to break above the $70,000 resistance level earlier this month, BTC/USD dropped to lows of $66,840 on Tuesday. The price of bitcoin later rebounded to trade above $68,000 on Wednesday morning in New York. However, the rally fizzled out as the day progressed, with bitcoin sliding back below $67,500.

On Thursday, bitcoin attempted to recover once more but failed at the $68,000 resistance zone. As a result, the cryptocurrency fell sharply again on Friday morning, reaching lows of $66,170 before rebounding slightly. At the time of writing, BTC/USD was trading flat for the day at around $66,400.

Bitcoin price sees more than $600 million outflows

According to CoinShares, digital asset investment products, which include U.S.-based bitcoin ETFs, experienced outflows of more than $600 million last week as the price of bitcoin dropped.

Despite the outflows, bitcoin fiyatı dropped by less than 2% over the seven days. Meanwhile, outflows from bitcoin products reached $593 million, the highest among digital asset products.

CoinShares noted that the outflows from bitcoin products were driven by a sell-off in the United States, which saw outflows of $550 million. In contrast, bitcoin products in Europe experienced inflows of $225 million.

Bitcoin bulls MicroStrategy announced another $500 million convertible note offering on Wednesday to purchase more bitcoin. The offering was later updated to $700 million.

Meanwhile, JPMorgan highlighted in a report that several bitcoin mining stocks have outperformed the crypto asset this month. This comes as traders appear to be reacting to Core Scientific's (CORZ) deal with CoreWeave, which is related to artificial intelligence.

Elsewhere, the SEC's approval of spot ether ETFs now appears to be a matter of when rather than if. During a Senate hearing on Wednesday, SEC Chair Gary Gensler stated that the matter will be decided over the summer.

Bloomberg analyst Eric Balchunas gives a 50-50 chance that the approval will take place by July 2. Prediction market Polymarket puts the chances of a spot ether ETF trading by July 4 at 75%.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-btc-price-crypto-election-issue-terraform-labs-b-settlement-binance-founder-cz-estimated-th-richest-person.html

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