Bitcoin (BTC) Crosses $61K as Merchants Stay Cautious Forward of CPI Release

Bitcoin crossed above $61K in early Asian trading hours today as traders remain cautious ahead of the release of US CPI (Consumer Price Index) data and a recent filing shows Goldman Sachs holds positions in several BTC ETFs (exchange-traded funds).

Having breached $61K earlier today, BTC pulled back to trade at $60,856.21 as of 3:20 a.m. EST. Despite this correction, the leading crypto is still up more than 2% over the past 24 hours.

Traders Stay Cautious Ahead Of CPI Release

While BTC managed to reclaim a position above $60K in the previous trading session, several traders and hedge funds are remaining cautious ahead of a data-heavy week.

“Buyers stay cautious ahead of US CPI this week,” QCP Capital stated in a Telegram broadcast.

Traders will be looking to gauge whether the US Federal Reserve will cut interest rates by 50 or 25 basis points in September, the crypto trading firm added. Currently, the chances of either are “evenly split,” according to QCP Capital.

Earlier this week, Richard Kelly, the head of global strategy at TD Securities, said in a CNBC interview that he’s “very hesitant” that the unwind from the popular yen carry trade is over. “I think there is still a lot that can unwind, especially when you look at how undervalued yen is,” he added.

Goldman Sachs Holds Over $400 Million In Bitcoin ETFs

In its quarterly 13-F report, Wall Street giant Goldman Sachs disclosed that it holds positions in several Bitcoin ETFs. BlackRock’s iShares Bitcoin Trust (IBIT) is the investment bank’s largest position at $238.6 million.

LATEST: Goldman Sachs discloses $418M price of #Bitcoin ETF holdings.

— Whale Insider (@WhaleInsiders) August 14, 2024

The bank’s next largest Bitcoin ETF position is in Fidelity’s Bitcoin ETF (IBIT), with $79.5 million. Goldman Sachs also has $56.1 million invested in Invesco Galaxy’s BTC ETF (BTCO) and $35.1 million in Grayscale’s GBTC. The remaining Bitcoin ETFs that the bank has exposure to are BITB, BTCW and ARKB.

Be a part of Our Telegram channel to remain up to date on breaking information protection

The above is the detailed content of Bitcoin (BTC) Crosses $61K as Merchants Stay Cautious Forward of CPI Release. For more information, please follow other related articles on the PHP Chinese website!