Bitcoin Stabilizes After Steep Falls; Focus Turns to U.S. PCE Data — Market Talk
Bitcoin steadies after sliding to a three-week low on Thursday as strong U.S. data reduced prospects of interest-rate cuts. This lifted Treasury yields and the dollar, causing bitcoin to dip below $109,000 and over $160 billion of crypto-market value to be erased, says Deus x pay's James Madden in a note. Less urgency for rate cuts has "dampened speculative appetite in the crypto market," he says. However, attention now turns to U.S. PCE inflation and revised University of Michigan consumer sentiment data at 1230 GMT and 1400 GMT, respectively. Softer data could enable bitcoin to rebound, although strong inflation could pressure it further, Madden says. Bitcoin rises 0.4% to $109,613, having hit a low of $108,715 on Thursday, LSEG data show. ([email protected])