Bitcoin price rises to $58k, but struggles to break $60k, influenced by tech stock surge.

From Investing.com

f, j, y: September 12, 2024
Time: 1:43 AM:

Bitcoin’s price rose on Thursday amidst a broader rally in risk-driven markets, although the cryptocurrency remained fragile following steep losses. The dollar’s strength and a smaller potential interest rate cut by the Federal Reserve limited gains. Bitcoin recovered 2.8% to $58,115.9.

Bitcoin’s gains were driven by tech stock surges, but the cryptocurrency still struggled to break above $60,000. Bitcoin has been rangebound between $50,000 and $60,000 for most of the year amid a lack of positive cues. It also suffered steep losses from the prior week due to a broader market rout.

Bets on a Kamala Harris presidency increased after a heated debate where she gained an edge over Trump on key issues. PredictIt market showed rising odds for a Harris victory at 57 cents, while Trump’s odds fell to 47 cents. Trump openly supports the crypto industry, while Harris is expected to continue scrutiny over alleged fraud.

Altcoins advanced alongside Bitcoin, with Ethereum up 1.8% at $2,368.10. Cardano, XRP, and Dogecoin also rose, with Cardano leading with a 5.1% increase. A stronger Producer Price Index reading increased expectations for a 25 basis points interest rate cut by the Federal Reserve instead of 50 bps. US inflation data is awaited for further insights.

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