Bitcoin price rises on bargain buying, but inflation concerns limit gains

From Investing.com

September 10, 2024 01:56:37 AM:

Bitcoin’s price rebounded on Tuesday after steep losses, with bargain buyers entering the market. However, anticipation of U.S. inflation data limited gains, as capital outflows continued to show weak sentiment towards crypto. Bitcoin rose 3.4% to $56,715.3 by 01:1 ET.

Crypto markets suffered heavy weekly outflows totaling $726 million, the largest since March. Traders increased short positions on Bitcoin, while altcoins experienced broad selling pressure. Economic growth concerns and expectations of a smaller interest rate cut by the Federal Reserve drove the outflows.

Investors are eyeing the Trump-Harris presidential debate for potential market impact. A positive outcome for Trump could boost crypto prices, given his pro-crypto stance. However, recent polls favor Harris, with her holding a slight lead over Trump.

Altcoins regained ground as Bitcoin recovered, with Ethereum rising 2.1% to $2,344.98. Other tokens like XRP, ADA, and DOGE also saw gains between 1% and 5%, while meme token SHIB added 7.7%. Attention now turns to upcoming U.S. inflation data and the Federal Reserve meeting next week.

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