rises to $59k with inflation, economic cues on tap By Investing.com
Investing.com– Bitcoin price rose slightly on Tuesday as a rout over the weekend attracted some bargain buying, although risk sentiment was limited ahead of a slew of key U.S. economic indicators this week.
Capital flows data showed bargain buying drew traders into crypto investment products all through last week, although only Ether saw major inflows on this trend.
Sentiment towards crypto markets was also undermined by a discussion between Republican presidential candidate Donald Trump and Tesla (NASDAQ:) CEO Elon Musk on X, where the topic of crypto regulations was not brought up even once.
rose 1.2% to $59,305.3 by 01:53 ET (05:53 GMT).
Musk-Trump talk makes no mention of crypto
The talk between Musk and Trump underwhelmed some market participants who were hoping that the Republican nominee would reiterate his support for crypto.
But while Trump has expressed support for the crypto industry- going as far as speaking at the Bitcoin conference last month- he has rarely mentioned crypto or Bitcoin when speaking at more mainstream events.
His talk with Musk was no exception to this trend, with bets on cryptocurrency betting platform Polymarkets showing that traders were positioning for some mention of crypto. Bitcoin also briefly fell to $58,000 after the talk.
Bitcoin sees limited institutional demand, Ether inflows rebound
Data from digital assets manager Coinshares showed on Monday that crypto investment products, mostly those exposed to , saw strong inflows over the past week, as a steep rout in prices attracted a slew of bargain buying.
Ether products saw over $155 million in inflows, with buying also picking up after the underwhelming launch of spot Ether exchange-traded funds in U.S. markets last month.
Bitcoin saw only about $13 million of inflows.
Crypto markets were still nursing steep losses from last week, where souring risk appetite batted prices across the board. Bitcoin had fallen as low as $49,000, and was now rangebound between $50,000 and $60,000- a range seen for most of this year.
Crypto price today: Altcoins advance, inflation data awaited
Broader cryptocurrency prices rose on Tuesday, tracking mild gains in Bitcoin, although like the token, most altcoins also remained rangebound.
World no.2 token Ether rose 3.8% to $2,651.26. , and rose between 0.2% and 1.6%.
Among meme tokens, rose 2.9%.
Markets were largely cautious ahead of key U.S. inflation data, due on Wednesday, which is set to provide more cues on the Federal Reserve’s plans to cut interest rates.
