Investing.com — Bitcoin’s price rose on Tuesday, adding to a recovery from August declines as investors looked ahead to major economic data this week.
By 04:37 ET (08:37 GMT), had advanced by 2.5% to $58,999.7, following relatively thin trading volumes on Monday with the U.S. celebrating the Labor Day holiday.
The world’s biggest cryptocurrency had slumped by more than 7% last week and spent much of the prior month trending lower due in part to concerns over token distributions and mass sale events, especially from defunct exchange Mt Gox. Concerns over a U.S. recession had also sparked deep losses across global financial markets at the beginning of August, including the crypto markets.
Attention now turns to key economic data this week, culminating with the widely-watched U.S. nonfarm payrolls release on Friday.
The U.S. Federal Reserve is widely expected to start cutting interest rates later this month, and the payrolls data could determine the…
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