Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Bitcoin price today: rises to $58k, but sentiment remains fragile

Source Investing

Investing.com-- Bitcoin’s price rose on Thursday, tracking a broader rally in risk-driven markets, particularly stocks, although the cryptocurrency still remained fragile following steep losses through the prior week.

Strength in the dollar, following a stronger consumer price index inflation reading- also limited overall gains in cryptocurrencies, as did the prospect of a smaller interest rate cut by the Federal Reserve next week.

Sentiment towards crypto was also dented by a heated presidential debate on late-Tuesday, where Vice President Kamala Harris was seen gaining an edge over former President and pro-crypto candidate Donald Trump.

Bitcoin rose 2.8% to $58,115.9 by 01:16 ET (05:16 GMT).

Bitcoin recovers tracking tech stock gains, but stays rangebound

Gains in Bitcoin came tracking an overnight surge in technology stocks, as NVIDIA Corporation (NASDAQ:NVDA) CEO Jensen Huang offered some positive comments on artificial intelligence demand.

But the world’s biggest cryptocurrency still remained entrenched in a $50,000 to $60,000 trading range seen through most of the year. Bitcoin has also struggled to break substantially above $60,000, amid a dearth of positive cues for crypto.

The token was nursing steep losses from the prior week, amid a broader rout in risk-driven markets.

Harris victory odds rise, crypto regulatory outlook uncertain

Bets on a Kamala Harris presidency rose after Tuesday’s debate, where she was seen consistently putting Trump on the defensive over several key issues, ranging from abortion rights to international relations.

Online prediction market PredictIt showed odds for a Harris victory rising to 57 cents from 53 cents on a payout of $1, while Trump’s odds sank to 47 cents from 52 cents.

Of the two candidates, only Trump has openly declared support for the crypto industry, although he has shied away from mentioning the industry in more mainstream events, such as the Republican national convention, or even the presidential debate.

Harris, on the other hand, is expected to continue the Biden administration’s scrutiny of the sector over its alleged tenacity for fraud. This stance saw the Securities and Exchange Commission enact a series of high-profile crackdowns against crypto over the past two years.

Crypto price today: Altcoins advance with PPI data, Fed in focus

Broader cryptocurrency prices tracked gains in Bitcoin, with world no.2 crypto Ether up 1.8% at $2,368.10.

SOL, XRP, ADA and MATIC drifted higher, with ADA leading gains in the pack with a 5.1% increase. Among meme tokens, DOGE rose 2.9%.

A stronger-than-expected reading on core CPI saw traders pricing in a greater possibility the Fed will cut interest rates by 25 basis points next week, instead of a bigger 50 bps cut.

But before that, producer price index data due later on Thursday is set to offer more cues on U.S. inflation.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changed Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Author Irene Q.

Sep 23, Wed

Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Hurricane Isaias has shut in a quarter of Gulf oil output — can WTI clear $92 before Thursday's EIA report?WTI trades at $90.80 after rebounding roughly 3% from Wednesday's $87.96 low as Hurricane Isaias — the Atlantic season's first — forces producers to shut in about 25% of US Gulf of Mexico output. Brent holds at $103.41. The first official read on the disruption arrives with the EIA weekly petroleum report on Thursday 15 October — here are the key levels and both scenarios.

Author Irene Q.

Oct 09, Fri

WTI trades at $90.80 after rebounding roughly 3% from Wednesday's $87.96 low as Hurricane Isaias — the Atlantic season's first — forces producers to shut in about 25% of US Gulf of Mexico output. Brent holds at $103.41. The first official read on the disruption arrives with the EIA weekly petroleum report on Thursday 15 October — here are the key levels and both scenarios.

US September CPI preview: inflation set to hit 3.7% — will the Fed hike in December?US September CPI lands Wednesday with headline inflation seen at 3.7% y/y and core at 0.2% m/m. December hike odds sit near 70% — here are the scenarios, the calendar and the key levels.

Author Irene Q.

Oct 10, Sat

US September CPI lands Wednesday with headline inflation seen at 3.7% y/y and core at 0.2% m/m. December hike odds sit near 70% — here are the scenarios, the calendar and the key levels.

Gold posts first weekly gain in three weeks — can $4,200 hold through CPI?Spot gold closed at $4,194.645, up 1.47% — its first weekly gain in three weeks — and COMEX futures settled back above $4,200 at $4,220.30. Here are the drivers, the levels and the scenarios into Wednesday's CPI.

Author Irene Q.

Oct 10, Sat

Spot gold closed at $4,194.645, up 1.47% — its first weekly gain in three weeks — and COMEX futures settled back above $4,200 at $4,220.30. Here are the drivers, the levels and the scenarios into Wednesday's CPI.

Brent swings $105.63 to $102.33 as Gulf risk meets an 'energy ceasefire' — can $100 hold into CPI?Brent spiked to $105.63 in Asian trade on fresh Middle East supply incidents, then reversed to $102.33 after the US announced a Russia-Ukraine 'energy ceasefire' and 300,000+ tonnes of Russian diesel headed to global markets; WTI fell through $90. Here are the drivers, the levels and the scenarios into Wednesday's US CPI.

Author Irene Q.

Yesterday 05: 47

Brent spiked to $105.63 in Asian trade on fresh Middle East supply incidents, then reversed to $102.33 after the US announced a Russia-Ukraine 'energy ceasefire' and 300,000+ tonnes of Russian diesel headed to global markets; WTI fell through $90. Here are the drivers, the levels and the scenarios into Wednesday's US CPI.

Popular Symbols