Bitcoin fell below $112,000 on Thursday after a brief rebound, as investors remained cautious ahead of key U.S. economic releases after Federal Reserve officials signalled a careful approach to future interest rate cuts.
The world’s largest cryptocurrency last traded 0.7% lower at $111,786.6 as of 02:28 ET (06:28 GMT).
Bitcoin had staged a modest recovery on Wednesday, reaching near $114,000, but failed to sustain momentum.
The token fell sharply at the start of the week, when a wave of liquidations wiped out about $1.5 billion in long positions across crypto exchanges.
Reports said thin market liquidity and heavy leveraged bets deepened the sell-off, which dragged Bitcoin from above $115,000 to the low $112,000 area.
The move unsettled sentiment across the digital asset space, leaving traders wary of further volatility.
Traders await US jobs data, PCE inflation print Federal Reserve Chair Jerome Powell said earlier this week there was “no risk-free path” in setting policy, warning that easing too quickly could stoke inflation while moving too slowly risked harming jobs growth.
Other Fed officials reinforced the cautious stance in separate remarks, underlining that further monetary easing will be highly data dependent.
The comments curbed risk appetite across financial markets, with investors now awaiting fresh U.S. data for a clearer direction.
Weekly jobless claims data and a final reading on second-quarter gross domestic product growth are due on Thursday.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads. The August personal consumption expenditures (PCE) price index report is due on Friday and is forecast to show core inflation running near 2.9% year-on-year, a level still above the Fed’s 2% target.
Crypto price today: altcoins fall; Ether hits 7-wk low Most altcoins extended losses on Thursday amid a broader risk-off mood.
World no.2 crypto Ethereum declined 4% to $4,013.33, its lowest level in nearly seven weeks.
World no. 3 crypto XRP was largely unchanged at $2.85.
Solana fell 3.2%, while Cardano lost 2.7%, and Polygon declined 2.5%.
Among meme tokens, Dogecoin slipped 2%, while $TRUMP retreated 1.5%.
