Bitcoin price falls ahead of U.S. inflation data, down 1% for August

From Investing.com
August 30, 2024 02:27 AM:

Bitcoin’s price slightly fell on Thursday ahead of the U.S. inflation reading. The cryptocurrency nursed a steep decline in August, with a current 1% decrease to $58,852.9 and almost 9% loss for the month.

Throughout August, Bitcoin faced headwinds from concerns over token distributions, mass sale events, and slowing capital inflows. Speculative activity decreased, leading to a flat trading range of $50,000 to $60,000 as retail interest dwindled.

Other cryptocurrencies followed Bitcoin’s downward trend in August. Ethereum fell 1% to $2,515.61, facing a 22.2% loss for the month. Altcoins like XRP and Cardano also experienced declines.

Elon Musk won a lawsuit involving Dogecoin price manipulation, with prices little changed. Musk had hyped up the meme token on social media, but the dismissal of the lawsuit had minimal impact on Dogecoin’s price. He had teased accepting DOGE as payment for Tesla vehicles.

Read more at Investing.com: down to $58k before PCE data, set for steep August losses By Investing.com