Investing.com– price rose slightly on Friday as traders remained averse towards cryptocurrencies before key U.S. inflation data that is likely to factor into the outlook for interest rate, although the token was still sitting on strong gains in May.
Crypto prices took little relief from an overnight decline in the , as fears of high-for-longer interest rates remained in play despite a downward revision to first-quarter data.
Bitcoin added 1.1% in the past 24 hours to $68,558.5 by 08:32 ET (12:32 GMT), and was set to rise nearly 13% in May.
But despite its gains for the month, the token still remained within a $60,000 to $70,000 trading range established since mid-March.
Inflation, interest rates in focus ahead of PCE data
Rate fears were the biggest factor behind Bitcoin’s rangebound performance, as the prospect of high interest rates dampened the price outlook for the token and the broader…
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