The iShares Bitcoin Trust (IBIT) had a bad end to the week. It is now up 2.59% over the past 5 days but down 1.02% in the year-to-date.
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According to TipRanks’ technical analysis, the IBIT is now at a Sell consensus based on 11 Bearish, 5 Neutral and 6 Bullish ratings.
Based on the activity of 831,094 investors in the recent quarter, it has scored an above sector-average positive sentiment. Those investors aged under 35 have been the most active buyers.
In total, 1.9% of all portfolios hold IBIT.
Today’s IBIT Performance
Today, the IBIT was down 3.18% at $50.84. The main drag was the price of Bitcoin, which slid 2.69% to $89,616.
Traders were nervous about U.S. inflation data and what that might mean for hopes of an interest rate cut by the Federal Reserve later this month. Lower interest rates are traditionally good news for cryptocurrencies like Bitcoin.
In the end the PCE Price Index YoY in the USA rose to 2.8% from the previous 2.7%, indicating a slight increase in inflationary pressures. That could mean more support for an interest rate cut and better news for Bitcoin fans.
Another boost came from Texas, which became the first U.S. state to officially purchase and hold Bitcoin, acquiring $5 million worth of IBIT and authorizing another $5 million for direct custody.
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