Bitcoin price falls to $69k due to CPI concerns and investor focus on safe-haven assets

From Investing.com: 2024-04-10 02:03:12

Bitcoin price fell as traders awaited U.S. inflation data, favoring safe-haven assets like gold over risk-heavy assets. Bitcoin dropped 2.4% to $69,373.7 amid a surge in commodity prices shifting investor focus. Losses spread to other cryptocurrencies like Ethereum and Binance Coin. Federal Reserve’s rate decisions also weigh on market sentiment.

Market attention turns to U.S. inflation data, expected to show continued inflation through March, reducing chances of rate cuts and hurting speculative assets like Bitcoin. The upcoming Fed decisions and inflation data will impact the market. Bitcoin’s impending halving event on April 20 is seen as a potential boost to its price due to increased scarcity.

Bitcoin’s price dip is tempered by anticipation of the halving event, which will cut the rate of new Bitcoin mining. Despite reaching record highs earlier in the year, slowing capital flows raise concerns about Bitcoin’s momentum. The market remains cautious amid shifting investor sentiment towards safe havens and inflation data uncertainties.

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