Bitcoin rebounds to $77,462 amid US inflation and Mideast tensions
Business
Bitcoin saw a small rebound, rising 0.26% to $77,462 after a brief dip, and is up nearly 3% this week.
The climb comes as hotter US inflation data and rising Middle East tensions keep crypto traders on their toes.
Investors await Fed decision, ETFs fluctuate
All eyes are now on the US Federal Reserve's upcoming rate decision. Experts say Bitcoin needs to stay above $78,000 for further gains.
Riya Sehgal, Research Analyst at Delta Exchange, notes it's holding steady near $76,000 with hopes of hitting $77,800 soon.
Meanwhile, Bitcoin ETFs have seen both big inflows and recent outflows as investors react to possible interest rate hikes.
High oil prices are also fueling inflation worries, making things unpredictable for Bitcoin in the short term.