Crypto
Bitcoin Consolidates Near $78K as Investors Await US Inflation Data and Fed Rate Decision
Bitcoin has been consolidating near $78,000 as investors await key US inflation data and the Federal Reserve's rate decision. The cryptocurrency was trading at around $77,942 on Thursday.
In the past 24 hours, Bitcoin dropped by 1.35%, while Ethereum fell by 1.09% to trade at the $2,467 mark. Among major altcoins, BNB and XRP corrected up to 5.98%, while Tron was up 0.32%.
Avinash Shekhar, Co-Founder & CEO of Pi42, believes that Bitcoin's current consolidation reflects a market waiting for clarity rather than a loss of conviction. He notes that macroeconomic data could determine the direction of the next move across the crypto market.