Bitcoin prices saw a slight increase on Tuesday as a weekend sell-off attracted some bargain buying, though overall risk sentiment remained cautious ahead of key U.S. economic indicators due later this week.
Capital flow data indicated that bargain buying had drawn traders into cryptocurrency investment products throughout the previous week, with Ether being the primary beneficiary of this trend.
However, sentiment towards the crypto markets was dampened following a discussion between Republican presidential candidate Donald Trump and Tesla CEO Elon Musk on X (formerly Twitter). Notably, the conversation did not address the topic of cryptocurrency regulations, disappointing some market participants who had hoped for a reaffirmation of support for the industry.
By 01:53 ET (05:53 GMT), Bitcoin had risen by 1.2% to $59,305.3.
Musk-Trump Discussion Fails to Mention Crypto
The conversation between Musk and Trump fell short of expectations for those hoping the Republican candidate would express support for cryptocurrencies. Although Trump had previously voiced support for the crypto industry, even speaking at a Bitcoin conference last month, he has rarely mentioned crypto or Bitcoin during more mainstream events.
This trend continued in his talk with Musk, leading to disappointment among traders who had been anticipating a mention of crypto. Following the discussion, Bitcoin briefly dipped to $58,000.
Bitcoin Sees Limited Institutional Demand, While Ether Inflows Rebound
Data from digital asset manager CoinShares, released on Monday, showed strong inflows into crypto investment products, particularly those linked to Ether, over the past week. This uptick in buying was largely driven by a steep drop in prices, which attracted bargain hunters.
Ether investment products saw inflows of over $155 million, with buying momentum increasing after the underwhelming launch of spot Ether exchange-traded funds (ETFs) in U.S. markets last month. In contrast, Bitcoin saw only about $13 million in inflows.
Despite these inflows, the crypto markets were still recovering from significant losses incurred last week, as a decline in risk appetite led to widespread price drops. Bitcoin had fallen as low as $49,000 and was now trading within a range of $50,000 to $60,000, a level it has hovered around for most of this year.
Crypto Prices Today: Altcoins Advance, Inflation Data Awaited
Broader cryptocurrency prices rose on Tuesday, mirroring the mild gains in Bitcoin, although most altcoins also remained rangebound.
Ether, the world’s second-largest cryptocurrency, increased by 3.8% to $2,651.26. Other altcoins like SOL, XRP, and ADA saw gains ranging between 0.2% and 1.6%.
Among meme tokens, DOGE rose by 2.9%.
The markets remained largely cautious ahead of the U.S. consumer price index (CPI) inflation data, scheduled for release on Wednesday. This data is expected to provide further insight into the Federal Reserve’s plans regarding interest rate cuts.
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