Mike Novogratz, the founder of Galaxy Digital Holdings, shares his insights into the crypto market, hinting that cryptocurrencies have entered a consolidation phase. This phase, often seen as a period of stabilization following market upswings, may indicate a cooling-off period.

Consolidation is characterized by assets moving sideways within a certain range, indicating equilibrium between buyers and sellers. Novogratz believes that this might be the current phase for cryptocurrencies such as Bitcoin, Ethereum and Solana, which have seen significant volatility in recent months. The consolidation phase could be a precursor to the next bull run, depending on various market factors.

Gold prices retreated in Asian trade on Monday, consolidating some recent gains as traders turned more biased towards the dollar ahead of key U.S. inflation data due later in the week.

The yellow metal saw some strength last week as some signs of a cooling U.S. economy sparked speculation over eventual interest rate cuts by the Federal Reserve in 2024.

The dollar was steady on Tuesday as investors awaited an inflation report this week that will likely shape the U.S. rates outlook, while the yen was hovering near a two-week low, stoking intervention worries.

The currency market has been sedate this week, with investors seeking to gauge what the path the Federal Reserve will take this year in the wake of recent softer-than-expected U.S. labour market data and comments from central bankers.

The U.S. dollar steadied Friday after losing ground the previous session on weak jobs data, while the pound gained in the wake of stronger-than-expected growth numbers.

At 04:10 ET (08:10 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded just higher at 105.115.

Oil prices fell by nearly $1 a barrel on Friday as comments from U.S. central bank officials indicated higher-for-longer interest rates, which could hinder demand from the world's largest crude consumers.

Brent crude futures settled at $82.79 a barrel, down $1.09, or 1.3%. U.S. West Texas Intermediate crude settled at $78.26 a barrel, down $1.00, or 1.3%.

Bitcoin price edged higher on Friday, slightly rebounding from recent losses as traders remained largely averse to crypto markets even as soft U.S. labor data pulled down the dollar and reinforced bets on eventual interest rate cuts this year.

Fears of more regulatory action against crypto were a key weight on prices this week, amid reports of more moves by the U.S. Securities and Exchange Commission against major players in crypto. The shutdown of a popular privacy coin trading platform also rattled sentiment.

Gold prices moved little in Asian trade, hovering well below recent record highs as investors remained largely biased towards the dollar before more cues on the Federal Reserve and inflation. 

The yellow metal saw limited safe haven demand amid some expectations of a Israel-Hamas ceasefire, especially as the U.S. now appeared to be making a greater effort to broker a deal. The Biden Administration reportedly suspended arms exports to Israel over its attacks on Rafah.

Oil prices edged higher on Wednesday after data showed U.S. crude stockpiles fell last week as refiners slowly ramped up output ahead of the summer driving season, while a stronger dollar capped gains.

Brent crude oil futures settled 42 cents, or 0.5%, higher at $83.58 a barrel. U.S. West Texas Intermediate crude futures rose 61 cents, or 0.8%, to $78.99 a barrel.

The U.S. dollar edged higher Thursday, trading in a tight range ahead of next week’s all-important U.S. inflation data, while the pound slipped ahead of the Bank of England’s policy-setting meeting.

At 04:35 ET (08:35 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.2% higher at 105.605, rebounding after last week’s one-month low.

The U.S. dollar edged higher in early European trade Tuesday, attempting a comeback after the sharp losses at the end of last week, while the Japanese yen retreated despite more intervention threats.

At 04:35 ET (08:35 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.12% higher at 105.090, after falling as low as 104.52 on Friday, the lowest level for just under a month.