- The price of Bitcoin took a step back on Wednesday, April 10, 2024, as traders awaited crucial US inflation data.
- Bitcoin experienced a 2.4% decline over a 24-hour period, settling at $69,373.7 by 01:51 ET (05:51 GMT) on April 10.
- The impact of Bitcoin’s losses extended to other major cryptocurrencies as well.
The price of Bitcoin took a step back on Wednesday, April 10, 2024, as traders awaited crucial US inflation data, leading to a cautious stance on highly speculative assets.
The prevailing market sentiment favored safe havens like the dollar and gold, with the latter reaching a record high earlier in the week.
According to a report, Bitcoin experienced a 2.4% decline over a 24-hour period, settling at $69,373.7 by 01:51 ET (05:51 GMT) on April 10, mirroring the broader weakness in risk-driven assets.
The surge in commodity prices, particularly in oil and metals, also diverted attention from Bitcoin as investors bet on an uptick in global economic conditions driving commodity demand in the near future.
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The spotlight now turns to the US Consumer Price Index (CPI) data, which is anticipated to reveal persistent inflation levels through March.
This trend suggests less pressure on the Federal Reserve to initiate interest rate cuts, a scenario that isn’t favorable for speculative assets such as Bitcoin. Cryptocurrencies often thrive in a low-interest, high-liquidity environment.
The impact of Bitcoin’s losses extended to other major cryptocurrencies as well. Ethereum, the second-largest cryptocurrency by market capitalization, dropped by 4.2%, while XRP and Solana recorded losses of 1.1% and 3.6%, respectively.
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Apart from the CPI data, investors were also awaiting the release of the Federal Reserve’s March meeting minutes. Despite earlier signals of potential rate cuts, some officials have raised doubts in light of persistent inflationary pressures.
Despite these challenges, Bitcoin’s losses were tempered as the market looked ahead to the halving event, which ultimately happened last April 19. The halving occurred with the generation of block no. 840,000 on the Bitcoin blockchain.
Market observers anticipate that the perceived scarcity of Bitcoin resulting from this halving will contribute to upward price momentum.
Bitcoin had previously surged to a record high above $73,000 in early 2023, driven by increased capital inflows following the approval of spot exchange-traded funds (ETFs) in the United States. However, recent data suggests a slowdown in these inflows, raising questions about Bitcoin’s ongoing momentum.
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