Get 40% Off
🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Bitcoin price today: hovers around $71k with focus on halving, CPI data

Published 04/09/2024, 02:06 AM
BTC/USD
-
BTC/USD
-
XRP/USD
-
ETH/USD
-

Investing.com-- Bitcoin price rose on Tuesday, hovering below recent record highs as traders awaited more cues on the upcoming halving event and key U.S. inflation data. 

The world’s biggest cryptocurrency rose 2.5% in the past 24 hours to $71,133.3 by 01:37 ET (05:37 GMT), extending a recovery seen over the weekend. 

Still, the token remained below a record high of over $73,000 as broader risk appetite was dented by anticipation of key U.S. inflation data, which is widely expected to factor into the outlook for interest  rates. The consumer price index reading is due on Wednesday. 

Bitcoin price buoyed by halving watch

Bitcoin was underpinned chiefly by anticipation of the halving event, which is expected to occur later in April with the generation of block no. 840,000 on the Bitcoin blockchain.

The event is set to halve the rate at which new Bitcoin is mined, potentially tightening future supply of the token.

The halving ties into the narrative that scarcity of Bitcoin will push up its price, and is a closely-watched event for crypto markets. But it also pressures smaller Bitcoin miners by reducing their mining rewards.

Crypto price today: ETH, XRP rise but capital flows seen moderating

Gains in Bitcoin spilled over into other cryptocurrencies. World no.2 token Ethereum rose 7.6% to $3,688.20, while XRP rose 4.3% to $0.61785. 

Data from digital asset manager CoinShares showed on Monday that while crypto investment products saw capital inflows in the week to April 8, hype over the approval of spot Bitcoin exchange-traded products now appeared to be easing. 

Digital assets in total saw $646 million inflows last week, with a bulk of these being directed towards Bitcoin, which has largely dominated the crypto narrative in recent months.

Overall capital flows remained well below levels seen in early-March, while trading volumes also continued to decline from highs seen earlier in the year. 

The U.S. Securities and Exchange Commission’s approval of spot Bitcoin ETFs was the biggest driver of the token’s price gains so far in 2024. But this also saw the crypto market turn even more biased towards Bitcoin. 

Ethereum saw outflows of $22.5 million, as traders remained averse to the token amid reports of a SEC investigation into the Ethereum Foundation. 

The SEC is also set to decide on spot Ethereum ETFs in late-May. 



Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.