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Bloomberg: Bitcoin falls to a one-week low today, with the market lacking positive support

Bloomberg: Bitcoin falls to a one-week low today, with the market lacking positive support

Bitget2024/06/11 05:39

Mars Finance reports that Bitcoin experienced fluctuations on Tuesday, indicating traders are nervous ahead of the release of U.S. inflation data and Federal Reserve monetary policy decisions.

As of around 11 a.m. Singapore time, Bitcoin had fallen by 2.5%, hitting a one-week low, but has since rebounded to above $68,000. Other major cryptocurrencies such as Ethereum and Dogecoin also fell in sync.

The inflation data and Fed outlook due to be released on Wednesday could exacerbate people's concerns that interest rates will remain high for an extended period, which is a challenging backdrop for speculative assets like cryptocurrencies.

Anand Gomes, co-founder of derivatives platform Paradigm said: "In the crypto space, no news is bad news. The market is like an addict constantly needing positive news to support it."

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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