Bitcoin experienced a modest uptick on Tuesday, rising to $59,305.3, up by 1.2%, as bargain hunters stepped in following a price decline over the weekend. The increase comes as investors await critical U.S. economic data set to be released this week, which could influence future market movements.
While capital flows data indicated some renewed interest in cryptocurrency investment products last week, Ether saw the majority of the inflows. Despite this, Bitcoin has not seen substantial institutional demand recently, with only around $13 million in inflows compared to Ether’s $155 million.
Investor sentiment was slightly dampened by a recent conversation between Republican presidential candidate Donald Trump and Tesla CEO Elon Musk on X, where discussions of cryptocurrency regulations were notably absent. The lack of crypto mention in their talk led to a brief drop in Bitcoin’s price to $58,000.
Crypto markets are still reeling from significant losses last week, with Bitcoin oscillating between $50,000 and $60,000. Ethereum, the second-largest cryptocurrency, gained 3.8% to $2,651.26, while other altcoins like SOL, XRP, and ADA saw modest increases. Meme token DOGE also rose by 2.9%.
The market is holding its breath for the U.S. consumer price index inflation data due on Wednesday, which is expected to offer clues about the Federal Reserve’s interest rate decisions.
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