Bitcoin's price holds steady at $62k amidst focus on Fed and inflation

From Investing.com

October 09, 2024 02:15 AM:

Bitcoin’s price stabilized on Wednesday amid anticipation of U.S. interest rate cues and inflation data. It fell 0.1% to $62,466.2, affected by a stronger dollar and waning risk appetite. Fed minutes from September’s meeting were awaited for insights into rate cuts, with odds of a 25 bps cut in November at 84.1%.

Bitcoin remained rangebound despite market volatility, holding steady at $50,000 to $65,000. Traders seek catalysts like BlackRock’s Bitcoin ETF options launch for price movement. The digital asset underperformed post-Fed rate cut and faced risk-off sentiment after Israel-Hamas tensions. Trump’s potential 2024 win supports crypto prices, with his pro-crypto stance noted.

Altcoins remained subdued with minor gains. Ethereum rose 0.9% to $2,450.46, while other major cryptocurrencies saw slight increases. Meme tokens also showed minor gains. Market sentiment remained stable but cautious amid ongoing uncertainties.

Read more at Investing.com.: steady at $62k with Fed, inflation in focus By Investing.com