Cryptocurrency price on June 3: Bitcoin approaches $69k on renewed US rate cut hopes

Major cryptocurrencies surged in Monday's trading session after data last week showed U.S. inflation had stabilised in April, keeping the door open for the Federal Reserve to cut interest rates later in the year.

At 1:18 pm, BTC was trading 1.7% higher at $68,870, while Ethereum rose marginally 0.5% to $3,813. Meanwhile, the global cryptocurrency market cap rose by 1.2% to around $2.56 trillion in the last 24 hours.

Shivam Thakral, CEO of BuyUcoin, remarked, "The latest U.S. inflation data showed moderate growth in April while consumer spending exhibited signs of weakness. Despite this, BTC remained resilient above the $68,000 mark, and ETH maintained stability around $3,800."

Thakral added, "With positive macroeconomic factors shaping financial markets, we anticipate sustained momentum in digital assets in the weeks ahead."

Echoing this sentiment, Edul Patel, CEO of Muderx, emphasized the anticipation surrounding the forthcoming US jobs data for May, set to be released later in the week.

"While Bitcoin faces resistance near the psychological $70,000 level, bullish sentiment persists, countering bearish pressures," Patel stated. "However, failure to secure a robust rebound may see support tested at $66,500, with resistance at $69,100."

Various other prominent cryptocurrencies, including BNB, XRP, Dogecoin, Cardano, Toncoin, Shiba Inu, Avalanche, and Polkadot, surged by up to 4%, while Solana, Chainlink, Tron, and NEAR Protocol experienced declines of up to 1%.

The volume of all stablecoins is now $65.88 billion, which is 92.31% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, rose to $1.356 trillion. Bitcoin's dominance is currently 52.95%, according to CoinMarketCap. BTC volume in the last 24 hours surged 107% to $23.37 billion.

"BTC is attempting to break out of the bullish pattern and looks positive, targeting the range high and ATH level around $73,500. ETH is between its range low and high, looking neutral," said CoinDCX Research Team.

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