Investing.com– Bitcoin prices fell on Friday amid a lack of any positive signals for the crypto asset, although losses for the token were constrained by continued speculation about lower U.S. interest rates.
The token recouped some of last week’s losses but still remained within a trading range set for much of this year, while retail interest in cryptocurrencies waned and the buzz around the launch of spot-Bitcoin ETFs faded.
Uncertainty over the regulatory outlook for cryptocurrencies also played a role as Democratic presidential candidate Kamala Harris gained ground on Republican candidate Donald Trump following a heated presidential debate.
fell 0.5% to $57,891.50 by 01:22 ET (05:22 GMT).
Bitcoin Set for Weekly Gain, But Still Remains in $50K-$60K Range
The world’s largest cryptocurrency is up 6.9% this week, with most of those gains coming from bargain buying after Bitcoin suffered huge declines last week.
The token has been trading in the $50,000 to $60,000 range it has been in for most of the year, still struggling to stay in the right direction after reaching modern all-time highs in March.
The token has begun to pull away from the , and the yellow metal hit a record high on Friday on a surge in demand for safe-haven assets and bets on lower interest rates, according to CryptoQuant data this week.
Bitcoin, on the other hand, has lagged even other customary risk-on markets, gaining little support from the prospect of interest rate cuts by the Federal Reserve.
Trump says there will be no more debates with Harris
Pro-cryptocurrency presidential candidate Trump lost ground this week against Harris, who emerged victorious in a heated presidential debate.
Trump announced on his website Truth.Social that he will not participate in any more debates with Harris, while at the same time personally attacking his political rivals and claiming that he won the debate this week.
Trump’s loss of ground has sent negative signals to cryptocurrency markets, given his largely pro-crypto stance in his campaign. Harris, on the other hand, is expected to continue Biden’s administration’s scrutiny of the sector.
Cryptocurrency Price Today: Altcoins Mixed Amid Interest Rate Cut Speculation
Cryptocurrency prices varied, though most reflected tiny declines in bitcoin’s value.
The world’s No. 2 cryptocurrency fell 0.3% to $2,350.61, trading in a flat-to-low range, while it rose 6%.
Among memcoins, the escalate was 0.7%.
The focus is on next week, where the central bank is widely expected to begin a rate-cutting cycle. However, markets are divided on a 25 or 50 basis point cut next week.
