Bitcoin ( BTC-USD ) is on track for a weekly gain of ~1.4% , in line with U.S. stock markets, amid broader relief as Federal Reserve President Jerome Powell indicated that the central bank's fight against inflation is showing progress. However, gains were capped as a surprisingly strong jobs report earlier in the day renewed concerns over prolonged inflation, meaning the Fed may have to continue raising rates for longer. "An impressive jobs report is driving rate hike calls and pouring cold water on those rate cut bets for the end of the year," said OANDA analyst Edward Moya. "Bitcoin ( BTC-USD ) seems content hanging around the $23K level and that should be viewed as good news for traders." Bitcoin ( BTC-USD ) briefly crossed 24K on Thursday to a near six-month high, but largely remained in the $22.65K-$23.92K range this week. The overall crypto market cap is currently $1.08T, down 0.8% over Thursday, according to CoinMarketCap . Bitcoin's ( BTC-USD ) rally this year seems to be powered mostly by institutional investors , as retail investors pull back from the crypto market. Regulatory Updates The U.K. government is working on a series of proposals to regulate crypto activities, consistent with its approach to traditional finance. U.S. Senator Tim Scott (R-SC) is reportedly mapping out priorities for a bipartisan regulatory framework for cryptos. Scott is skeptical of the sector due to "several high-profile failures". Fallout from Market Slump TeraWulf ( WULF ) sank after the crypto miner said it is restructuring debt obligations to avoid negative cash flow. Crypto exchange Kraken shut its Abu Dhabi office , less than a year after it set up shop in the city. Core Scientific ( OTCPK:CORZQ ) announced $70M loan from B. Riley as it seeks to continue operations after its Chapter 11 filing. Recent news Charlie Munger, vice chairman of Berkshire Hathaway, called on the U.S. government to ban cryptos , citing "wretched excess" as a result of a regulation gap. Binance ( BNB-USD ) picked up a stake in South Korean peer GOPAX, which was forced to halt withdrawals in its GoFi yield product due to exposure to bankrupt crypto lender Genesis. The capital injection will enable GOPAX to resume withdrawals and interest payments. Silvergate Capital ( SI ) is under the DoJ's scanner given its ties to collapsed crypto firms FTX ( FTT-USD ) and Alameda Research. In other news, State Street disclosed a 9.32% stake in the crypto-focused lender, while BlackRock has a 7.2% stake in the company. Bitcoin price Bitcoin ( BTC-USD ) fell 0.7% to $23.40K at 5.23 pm ET, but ether ( ETH-USD ) ticked 0.4% higher to $1.66K. SA author Serge d'Adesky said bitcoin ( BTC-USD ) rallied 48% in the last seven weeks. "I see this as a bull trap that will catch FOMO investors to invest too early," he said, but guided for $102K by mid-summer 2024 as the crypto's long-term chart is "extremely bullish" .
Analysts Bullish on BEFE Coin Price Outlook
