Daily Times

The cryptocurrency market edged lower on Tuesday, with the market capitalization losing 0.2 percent to reach $2.47 trillion. As of 1400 hours GMT, the price of Bitcoin, the world’s oldest and most valued cryptocurrency, slipped to $63,331 with a decrease of 1.1 percent in the last 24 hours. The market capitalization of the biggest crypto has reached $1.247 trillion with this decrease. Bitcoin has been 3.5 percent up in the past seven days. Bitcoin price slipped marginally after rebounding out of bear market territory through the weekend as investor optimism remained subdued amid increased speculation over US interest rate cuts. A sharp drop in the dollar, following weaker-than-expected nonfarm payrolls data, was the biggest benefactor of Bitcoin over the weekend. This helped the token recover from bear market territory after it sank to about $59,000 last week, about 22 percent below a record high hit in March. Markets were seen pricing an increased chance of a 25 basis-point cut by the Federal Reserve in September. Such a scenario bodes well for cryptocurrencies, given that they usually thrive in a low-rate, high-liquidity environment. A cooling labor market gives the Fed more impetus to cut interest rates. Similarly, Ether (ETH), the world’s second-largest cryptocurrency by market capitalization, shed 1.9 percent to reach $3,066. With this decrease in price, the market capitalization of ETH has reached $367.4 billion.