According to Odaily, Bitcoin experienced fluctuations on Tuesday, indicating traders' anxiety ahead of the release of US inflation data and the Federal Reserve's monetary policy decision. As of 11 am Singapore time, Bitcoin had fallen by 2.5%, reaching a weekly low, but has since rebounded to above $68,000. Other major cryptocurrencies such as Ethereum and Dogecoin also fell synchronously.
The inflation data and Federal Reserve outlook to be released on Wednesday could exacerbate concerns that interest rates will remain high for a longer period, creating a challenging environment for speculative assets like cryptocurrencies. Anand Gomes, co-founder of derivatives platform Paradigm, commented on the situation, stating, 'In the crypto field, no news is bad news. The market is like an addict, constantly needing positive news to support it.'
