Bitcoin Sees Uptick After Three Days of Losses
Today's markets analysis on behalf of George Khoury Global Head of Education and Research at CFI
September 17, 2024 (Investorideas.com Newswire) After three consecutive days of losses, Bitcoin was ticking up. However, investors remain cautious as they anticipate key U.S. economic data and could focus on Wednesday's Federal Reserve interest rate decision, with markets widely expecting a 50-basis-point cut. While such a move could boost risky assets like Bitcoin, lingering fears of an impending recession might heighten risk aversion, potentially weighing on Bitcoin prices.
This uncertainty extends beyond Bitcoin to other major cryptocurrencies, including Ethereum, as economic concerns continue to shape market sentiment. At the same time, institutional investors have been returning to the market, injecting funds into bitcoin ETFs after a period of outflows. MicroStrategy's decision to issue USD 700 million in debt to acquire more Bitcoin has further bolstered positive sentiment across the market.
Later today, market volatility may rise as market participants shift their focus to the release of the U.S. retail sales report. Should the retail sales data fall short of expectations, market uncertainty could intensify, potentially exerting downward pressure on Bitcoin in the short term.
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