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Cryptos end week with a whimper, stocks rally despite another hot inflation reading

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2 years ago

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Cryptos end week with a whimper, stocks rally despite another hot inflation reading

(Kitco News) – The cryptocurrency market ended the week with a whimper as Bitcoin (BTC) continued to consolidate near support at $64,000 while most altcoins recorded slight losses. 

 

The weakness comes as the Federal Reserve’s preferred inflation gauge – the core Personal Consumption Expenditures (PCE) index – showed that inflation remains higher than preferred, rising 2.8% over the prior year in March, above estimates for 2.7% 

 

Stocks rallied despite yet another inflation reading coming in hotter than expected as the earnings reports from Alphabet and Microsoft spurred hopes of a Big Tech rally for investors. 

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At the closing bell, the S&P, Dow, and Nasdaq finished higher, up 1.02%, 0.40%, and 2.03%, respectively. The DXY gained 0.41% in response to the PCE report, and trades at 106.02 at the time of writing, while the U.S. 10-year Treasury yield fell by 88 basis points to 4.665%. 

 

Data provided by TradingView shows that Bitcoin traded in a range between $63,300 and $64,825, with bulls and bears evenly matched for strength. 

 

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BTC/USD Chart by TradingView

 

At the time of writing, Bitcoin trades at $63,970, a decrease of 1.27% on the 24-hour chart. 

 

Coin toss for Bitcoins future

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“After a nice reaction from the $62.8k area yesterday, Bitcoin pushed back towards the Weekly Open at $65k,” said Market analyst CryptoChiefs. “This continues to be strong resistance as still we have not seen any 4-hour candle close above it. This is a big level to flip, but just above that we also have strong downtrend resistance.” 

 

 

“The orange trendline has been resistance for almost 3 weeks, so keep an eye on the reaction if this is tested,” he said. “Any further move down from here, the DM VAL has yet to be tested.”

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According to market analyst Castillo Trading, it’s currently 50/50 whether the crypto market will head lower or climb higher from here, but he will personally be buying any dips. 

“I am okay with this market boring participants out of it. That seems to be the point before we see big moves higher,” he added. “The fact we haven’t broken down is a sign of stability to me. Support is acting as support.”

 

And according to MN Trading Founder Michaël van de Poppe, the boring price action for Bitcoin could continue for the next three to six months, which means that the altcoin market could see an increase in activity. 

Altcoins end the week lower

 

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The vast majority of tokens in the top 200 recorded losses on Friday after the hotter-than-expected inflation reading prompted many traders to reevaluate their risk exposure. 

  

Daily cryptocurrency market performance. Source: Coin360

 

Rising despite the widespread downturn was BinaryX (BNX), which gained 18.5% to trade at $1.06, while Helium (HNT) climbed 7.35%, and Neo increased 6.7%.  A 14.3% pullback for cat in a dogs world was the biggest loss on the day, followed by declines of 9.8% for Arweave (AR) and Pendle (PENDLE). 

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The overall cryptocurrency market cap now stands at $2.36 trillion, and Bitcoin’s dominance rate is 53.4%.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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Crypto

Massive 700M Euro Crypto Operation Unravels With International Raids

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2 hours ago

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December 5, 2025

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Massive 700M Euro Crypto Operation Unravels With International Raids
European authorities shut down a vast crypto-fraud engine responsible for hundreds of millions in illicit flows, marking a major blow to criminal networks exploiting digital assets and exposing how deeply coordinated scams infiltrated the continent.
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Lawmakers want Indiana to become a crypto leader. That may start with retirement funds

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14 hours ago

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December 5, 2025

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Lawmakers want Indiana to become a crypto leader. That may start with retirement funds
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Indiana lawmakers are hoping to make the state a cryptocurrency leader by allowing the state to invest in digital currencies like Bitcoin for state savings and retirement plans while prohibiting local communities from restricting crypto companies.

The legislation, House Bill 1042, comes as excitement grows over the once obscure digital assets that have made millionaires and wiped-out fortunes. Its supporters now include some of the country’s most powerful people, including President Donald Trump and initially hesitant financial institutions, while the first major piece of crypto legislation passed Congress earlier this year. 

Now, Indiana is looking for a slice of the windfall.  The topic was one of just a few to get an earlier-than-usual hearing as lawmakers consider redistricting, signaling it’s a major topic of interest among Republicans.

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“Crypto policy will become a mainstay of this committee’s work for probably years to come,” said bill author Kyle Pierce, R-Anderson, at a House Financial Institutions Committee meeting Dec. 4. 

A volatile investment?

Though the bill would allow public investment funds to delve into the world of digital currency, it stops short of allowing direct crypto investments.

Instead, the bill applies to cryptocurrency exchange traded funds, or EFTs — a safer, federally regulated fund that tracks crypto prices, either by holding the digital assets or a contract that speculates on prices in the future. 

The state investment programs required to provide such options include the 529 education savings plan and certain retirement funds for teachers, public employees and lawmakers. It also allows other state investment funds to place their assets in crypto EFTs. 

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While less volatile than a direct investment, it’s not entirely without risk. Because there is less oversight in the underlying crypto market, the Securities and Exchange Commission has warned it’s difficult to prevent fraud and ensure fairness, even for EFT investors. 

That was a tentative concern for Tony Green, deputy executive director of the Indiana Public Retirement System, at the House Financial Institutions Committee hearing Dec. 4. 

Though neutral on the bill, Green said IPRS would want to ensure there were proper disclaimers about volatility. And while the agency wants to offer choices to their members, he said, those surveyed were generally uninterested. 

No anti-crypto regulations

Another aspect of the bill limits how local governments and state agencies can regulate crypto, though Pierce said it’s only intended to ensure laws don’t unfairly target crypto.

Specifically, it would prohibit regulation of an individual or a business’ ability to accept digital currency as payment, including by taxing use of the payment method. It also stops local governments from denying crypto mining facilities in areas zoned for industrial use or applying noise restrictions specific to crypto. 

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There was some worry about a clause in the bill that bans a public agency from prohibiting a person’s ability to “use or accept digital assets as a method of payment for legal goods and services.” 

The bill was welcomed by the founder of the local crypto mining business Megawatt.

Ilya Rekhter, who operates mining facilities in rural areas across the state, said the legislation would help prevent a sudden change in zoning laws after a business has already invested money in a facility, Rekhter said.

“We’re not asking for any special treatment,” he said, “just the same treatment.” 

The committee won’t hold a vote on the bill until January.

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Contact breaking politics reporter Marissa Meador at mmeador@gannett.com or follow her on X @marissa_meador.

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Cease and Desist Hits Robinhood, Crypto.com, Kalshi in Connecticut

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1 day ago

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December 4, 2025

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Cease and Desist Hits Robinhood, Crypto.com, Kalshi in Connecticut
Connecticut moved to block several major platforms after officials said they offered unlicensed sports wagering, signaling escalating scrutiny of online gambling services that allegedly sidestep state rules and expose residents to significant consumer risks.
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