Now Reading: Bitcoin Stays Near Rs. 61 Lakh After US Inflation Data
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Bitcoin Stays Near Rs. 61 Lakh After US Inflation Data
Bitcoin remained near Rs. 61 lakh after US July CPI data came broadly in line with expectations, failing to break above Rs. 62 lakh resistance. Traders now await the US PPI release,…
The Story in Brief
Bitcoin remained near Rs. 61 lakh after US July CPI data came broadly in line with expectations, failing to break above Rs. 62 lakh resistance. Traders now await the US PPI release, but thin liquidity is limiting any recovery, according to gadgets360.com.
Softer CPI and PPI data have reduced expectations of a September Federal Reserve rate hike, yet Bitcoin has not gained strong upward momentum. The cryptocurrency continues to trade in a narrow range, with spot market volumes staying weak.
The Indian Opinion
The narrative that softer US inflation automatically boosts Bitcoin is oversold. Prices barely budged despite the data, showing that retail frenzy is missing. The real test is whether the Federal Reserve actually cuts rates, and even that may not spark a rally if global risk appetite stays low. For Indian holders, the bigger question is whether the government's new crypto tax rules will push more trading offshore.
Sources (2): gadgets360.com, gadgets360.com (2)
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
