Bitcoin price today: steady at $58k, lags broader market recovery

Bitcoin price today: steady at $58k, lags broader market recovery

The world’s biggest cryptocurrency fell 0.1% to $58,238.5 by 01:46 ET (05:46 GMT), and was set to add about 1% this week. But the token remained squarely within a trading of $50,000 to $60,000 seen through most of the year. 

Bitcoin was pressured by a brief rebound in the dollar on Thursday. 

Crypto markets took little support from improving sentiment across risk-driven markets amid easing fears of a U.S. recession and persistent bets on interest rate cuts by the Federal Reserve. 

Global stocks marked strong gains this week, with Wall Street indexes surging to two-week highs as increased volatility seen last week now appeared to be clearing.

Strong U.S. retail sales data and softer inflation readings helped inspire confidence in the U.S. economy and spruced up bets on a 25 basis point rate cut in September. 

While lower interest rates do bode well for Bitcoin and crypto, the sector was pressured by reports that Mt Gox was planning to mobilize more Bitcoin to return to its clients after a 2014 hack.

A wallet linked to Mt Gox, which holds $2 billion of Bitcoin, was seen initiating test transactions this week, which usually heralds a sale event. 

Uncertainty over the U.S. presidential election also factored into caution towards crypto, as Kamala Harris and Donald Trump were seen polling neck-and-neck in the 2024 race. So far, only Trump has presented a pro-crypto stance. 

Data earlier this week also showed traders pulling out over $1 billion of USDT from crypto exchanges, potentially heralding a risk-off event. 

Bitcoin exchange-traded funds also continued to see sustained outflows this week.

Broader crypto markets also tracked weakness in Bitcoin, with sentiment towards the sector showing few signs of improvement.

World no.2 token Ether fell 1.4% to $2,600.94 and was set to lose 0.4% this week- its fourth straight week of losses. 

XRP, ADA and SOL moved in a flat-to-low range, while among meme tokens, DOGE fell 0.9%.

To read the full article, Click Here

Related posts