Investing.com– Bitcoin’s price drifted lower on Thursday amid caution over an upcoming U.S. inflation reading that is likely to factor into the outlook for interest rates cuts.
But the world’s biggest cryptocurrency was nursing a steep decline in August, as a broader risk-off move across financial markets hit crypto prices particularly hard.
fell 1.2% to $59,726.0 by 08:46 ET (12:46 GMT), and was set to lose nearly 9% in August.
Bitcoin nurses August losses amid slew of headwinds
Bitcoin spent most of August trending lower, as the world’s biggest cryptocurrency was dented by persistent concerns over token distributions and mass sale events, especially from defunct exchange Mt Gox.
Slowing capital inflows into crypto also weighed, especially as initial hype over the launch of spot Bitcoin exchange-traded funds now appeared to have petered out.
This, according to a…
Read More