Bitcoin Price Remains Unchanged Amid Regulatory Fears and Dollar Weakness

Bitcoin price remained unchanged on Friday as traders continued to show caution towards the crypto markets amidst regulatory concerns and a weakening dollar. The price of Bitcoin stood at $62,745.3, up 2% over the past 24 hours, as the dollar dropped following soft labor data.

Fears of increased regulatory action against cryptocurrencies weighed heavily on prices this week, with reports of the U.S. Securities and Exchange Commission taking action against major players in the industry. The shutdown of a popular privacy coin trading platform added to the negative sentiment.

Despite remaining largely unchanged over the past seven days, Bitcoin had fallen to $57k last week, entering a technical bear market from its March highs. Regulatory uncertainties have hindered any significant gains in the cryptocurrency, with concerns over more scrutiny impacting investor sentiment.

The SEC’s postponement of the listing of crypto wallet operator Exodus Movement on the NYSE, along with potential regulatory action against Robinhood Markets Inc. over crypto tokens, added to the uncertainty in the market. The regulator’s decision to delay a ruling on spot Ethereum ETFs until June further added to the regulatory pressure on the industry.

Altcoins also saw minimal movements as traders awaited key inflation data next week for more clarity on U.S. interest rates. Ethereum rose 0.8%, while Litecoin fell 0.7%, with both tokens trading lower for the week. Dogecoin was a standout performer, rising over 5% on Friday and showing mild weekly gains.

While weak economic data has sparked hopes of potential interest rate cuts by the Federal Reserve, such actions are not expected until September, which could continue to weigh on the crypto markets in the near future.