Investing.com-- Bitcoin price rose higher on Wednesday, buoyed by growing expectations of U.S. interest rate cuts as weak economic readings continued to trickle in and a resurgence in inflows to spot BTC exchange-traded funds .
A mix of profit-taking, concerns over high interest rates and cooling optimism over Bitcoin ETFs in recent months had kept Bitcoin in a trading range after the token surged to record highs in early-March. Risk-heavy assets such as crypto usually benefit from lower interest rates, given that increased liquidity makes for more speculative trading.Broader altcoin prices also advanced on Wednesday, as weak U.S. economic data spruced up expectations of eventual interest rate cuts by the Federal Reserve.U.S.-listed spot bitcoin ETFs saw substantial inflows of more than $880 million on Tuesday, driven primarily by Fidelity, according to provisional data released on Wednesday.
According to a Bloomberg analyst, BTC ETFs have accumulated $3.3 billion over the past four weeks, pushing their year-to-date net inflows past $15 billion.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.
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