Oct 10 2024: Bitcoin’s price declined on Thursday, falling 2.3% to $60,919.2, as investors remained cautious ahead of key U.S. inflation data that could influence the Federal Reserve’s interest rate outlook. Broader cryptocurrency markets also weakened, trailing gains seen in other risk assets like stocks.
Speculation over the potential sale of a large number of Bitcoin held by the U.S. government further pressured the market, although such a sale is not expected in the near term.
The upcoming Consumer Price Index (CPI) data, due later on Thursday, is being closely watched for further clues on the Federal Reserve’s rate cut trajectory. A persistent high-interest rate environment poses challenges for crypto markets by limiting liquidity for speculative assets.
Meanwhile, speculation surrounding the U.S. government’s plan to sell 69,370 Bitcoin, seized from the Silk Road marketplace, continues to weigh on market sentiment. A mass sale, although distant, could add downward pressure to Bitcoin prices.
Other major cryptocurrencies also fell, with Ether down 2.1% to $2,395.41, and SOL, XRP, ADA, and meme token DOGE also posting losses.
