Bitcoin extended its losing streak for the fourth day on Thursday, remaining near a three-month low as ongoing uncertainty over U.S. tariffs continued to weigh on risk-sensitive assets, while investors awaited a crucial inflation report due this week for cues on Federal Reserve interest rates.
The world’s largest cryptocurrency fell 2.8% to $86,246.28.2 by 02:12 ET (07:12 GMT), remaining near its lowest level since mid-November 2024.
The token fell to as low as $82,332.9 in the previous session.
Trump's mixed cues on tariffs add to risk-off mood
President Donald Trump has reaffirmed his commitment to imposing 25% tariffs on imports from Canada and Mexico but indicated a potential delay, pushing the implementation date from March 4 to April 2.
This ongoing uncertainty surrounding trade policies has introduced volatility into global financial markets, including the cryptocurrency sector. Historically, the announcement of new tariffs has led to increased market instability, prompting investors to shift away from riskier assets like cryptocurrencies.
Recent data reflects this trend. The potential for escalated trade tensions may lead to sustained volatility, influencing investment strategies and market dynamics in the near term.
PCE inflation data awaited for Fed rate cues
Investors are exercising caution ahead of the upcoming release of the U.S. Personal Consumption Expenditures (PCE) inflation data on Friday.
This data is pivotal in assessing the Federal Reserve's future interest rate decisions. Recent economic indicators, such as a significant decline in consumer confidence and near-stagnant business activity in February, have intensified discussions about potential rate cuts.
However, persistently high inflation continues to influence the Fed's policy considerations.
Recent projections indicate that inflation remains above the Federal Reserve's 2% target, contributing to the uncertainty surrounding monetary policy. citeturn0search6
Crypto price today: most altcoins continue losing streak tracking Bitcoin
Most altcoins fell in line with Bitcoin’s movement amid a broader risk-off mood.
World no.2 crypto Ethereum fell 5.2% to $2,355.41 on Thursday, recording a steep fall for the fourth consecutive day.
World no. 3 crypto XRP dropped 2.8% to $2.2243.
Solana edged 0.8% higher, and Polygon gained 0.4%, while Cardano fell 2%.
Among meme tokens, Dogecoin lost 1%, while $TRUMP rose 3.2%.
