From Investing.com: 2024-06-24 01:39:31

Bitcoin prices fell 2.4% to $62,850.7 due to concerns over U.S. interest rates and anticipation of key inflation data. The strong dollar also pressured broader cryptocurrency prices, with PCE inflation data awaited for insights on the Fed’s outlook on rates.

The world’s largest cryptocurrency faced steep losses as traders doubted the timing of Fed rate cuts. With inflation data expected to show cooling but remain above the 2% target, high rates could dampen the appeal of risk-driven assets like crypto.

Altcoins faced deeper losses than Bitcoin as token unlocks, profit-taking, and dwindling institutional demand weighed on prices. Despite institutional focus on Bitcoin, heavy outflows were seen in June. Ethereum fell 4.2% to $3,366.81, as other tokens like Binance Coin, XRP, and Dogecoin also registered losses. Meme tokens like Shiba Inu and Dogecoin saw declines as well.

Read more at Investing.com: down to $62k amid dollar pressure, inflation jitters By Investing.com