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Bitcoin Price Today: Falls Below $112K Ahead of Key U.S. Economic Data
Bitcoin dropped below $112,000 on Thursday after a brief recovery, as investors remained cautious ahead of the release of key U.S. economic data, following signals from Federal Reserve officials about a careful approach to future interest rate cuts.
The world’s largest cryptocurrency was trading 0.7% lower at $111,786.6 as of 09:28 Moscow time.
Bitcoin showed a moderate rebound on Wednesday, climbing to nearly $114,000, but failed to maintain momentum.
The token plunged earlier in the week when a wave of liquidations wiped out about $1.5 billion in long positions across crypto exchanges.
Reports indicate that thin market liquidity and high leverage exacerbated the sell-off, which dragged Bitcoin down from above $115,000 into the low $112,000 range.
This move dampened sentiment across the digital asset space, leaving traders wary of further volatility.
Traders Await U.S. Labor and PCE Inflation Data
Federal Reserve Chair Jerome Powell said earlier this week that “there is no risk-free path” in setting policy, warning that easing too quickly could stoke inflation, while moving too slowly could harm job growth.
Other Fed officials echoed this cautious stance in separate remarks, stressing that future monetary easing will be heavily data-dependent.
These comments curbed risk appetite in financial markets, and investors are now awaiting fresh U.S. data for clearer direction.
Weekly jobless claims and the final Q2 GDP growth figures are set for release on Thursday.
The Personal Consumption Expenditures (PCE) inflation report for August is due Friday, with core inflation expected at around 2.9% year-on-year — still above the Fed’s 2% target.
Crypto Prices Today: Altcoins Fall; Ethereum Hits 7-Week Low
Most altcoins extended their decline on Thursday amid broader risk-off sentiment.
Ethereum, the world’s second-largest cryptocurrency, fell 4% to $4,013.33, marking its lowest level in nearly seven weeks.
XRP, the third-largest cryptocurrency, was little changed at $2.85.
Solana slipped 3.2%, Cardano lost 2.7%, and Polygon fell 2.5%.
Among meme tokens, Dogecoin dropped 2%, while $TRUMP slid 1.5%.
See also: "ADA Price Approaches Breakout That Could Push It to $1"
