Bitcoin price rises to $61k as inflation data hopes increase, limited by institutional constraints and uncertainty

From Investing.com

August 14, 2024
2:10 am:

Bitcoin price surged 3% to $61,024.7 as risk sentiment improved and focus shifted to upcoming inflation data. Gains were limited due to constrained institutional inflows and regulatory uncertainty in the U.S.

Softer PPI data drove gains in Bitcoin and crypto markets, increasing hopes for eased inflation data. Bets on a 50 basis point cut rose after the reading, benefiting crypto markets with increased liquidity.

Despite the rebound, Bitcoin remained within a familiar trading range, struggling to make new highs and lagging stock market rallies. Regulatory uncertainty in the U.S. added pressure, with a close presidential race between Trump and Harris.

Reports of Mt Gox initiating a test transaction with $2 billion in Bitcoin dampened Bitcoin’s recovery, potentially increasing selling pressure. Altcoin gains were limited, with Ethereum rising 2.6%, while Cardano and Dogecoin saw modest gains and XRP fell.

Overall, the crypto market saw mixed movements with Bitcoin leading the way amidst regulatory uncertainty and institutional constraints. Altcoins showed tepid gains as Bitcoin’s rebound was limited by external pressures like Mt Gox’s potential selling pressure.

Read more at Investing.com: rises to $61k amid rate cut hopes, CPI awaited By Investing.com