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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.

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Bitcoin briefly loses 2025 gains as crypto plunges over the weekend.Bitcoin experienced a sharp decline this weekend, briefly erasing its 2025 gains and dipping below its year-opening value of $93,507. The cryptocurrency fell to a low of $93,029 on Sunday, representing a 25% drop from its all-time high in October. Although it has rebounded slightly to around $94,209, the pressures on the market remain significant. The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year. Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus. Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses. Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.

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Bitcoin experienced a sharp decline this weekend, briefly erasing its 2025 gains and dipping below its year-opening value of $93,507. The cryptocurrency fell to a low of $93,029 on Sunday, representing a 25% drop from its all-time high in October. Although it has rebounded slightly to around $94,209, the pressures on the market remain significant. The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year. Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus. Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses. Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.

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