Investing.com — Bitcoin prices fell on Friday amid a lack of big positive news for the crypto asset, but persistent speculation about lower U.S. interest rates limited the cryptocurrency's losses.
Bitcoin recouped some of last week's losses but remained within a trading range established for much of the year as retail investor interest in the cryptocurrency waned and enthusiasm around the launch of a spot bitcoin exchange-traded fund subsided.
Following a heated presidential debate, Democratic presidential candidate Kamala Harris appeared to have the advantage over Republican candidate Donald Trump, and uncertainty over the outlook for cryptocurrency regulation also weighed on the election.
It was down 0.5% to $57,891.5 as of 1:22 a.m. ET (5:22 a.m. GMT).
Bitcoin Set to See Weekly Gains but Remains Within $50,000-$60,000 Trading Range
The world's largest cryptocurrency rose 6.9% this week, but much of the gain was due to bargain sales after Bitcoin suffered a steep drop last week.
The token continued to lose direction after hitting new highs in March, remaining stuck in the $50,000 to $60,000 trading range it had established throughout the year.
Data from CryptoQuant showed this week that the pound has further decoupled from gold on growing demand as a safe haven asset and hopes of lower interest rates, helping the metal hit a record high in the price.
Meanwhile, Bitcoin has received little support from the prospect of interest rate cuts by the Federal Reserve and has significantly lagged other traditional risk-driven markets.
Trump says he will not debate Harris again
Cryptocurrency-supporting presidential candidate Trump is seen to be at a disadvantage against Harris after she emerged victorious in a heated presidential debate this week.
Trump said on his Truth.Social platform that he would no longer debate Harris, while also making personal attacks on his political opponents and claiming that he won this week's debate.
Trump's loss sent a negative signal to the crypto market as he maintained a pro-crypto stance during his election campaign, while Harris is expected to continue the Biden administration's scrutiny of the crypto industry.
Crypto Prices Today: Altcoins Mixed Amid Rate Cut Speculation
Cryptocurrency prices in general were mixed but largely followed Bitcoin's modest decline.
The world's second-largest cryptocurrency fell 0.3% to $2,350.61, trading in a flat to low range while trading up 6%.
Memecoin rose 0.7%.
The focus is now on next week, when the central bank is widely expected to begin a rate-cutting cycle, but markets are divided on whether that cut should be by 25 or 50 basis points next week.
