Investing.com– Bitcoin traded below $70,000 in Asian hours on Tuesday, once again failing to sustain recent gains after rebounding from recent lows near $60,000, while investors turned cautious ahead of key U.S. jobs and inflation figures.
The world’s largest cryptocurrency last traded 2.2% lower at $69,392.7 by 05:58 GMT.
Bitcoin stuck between $68k and $72k ahead of US data
Market saw prices largely range between $68,000 and $72,000 in recent sessions, after a tumultuous previous week when Bitcoin slumped as low as roughly $60,000 — levels last seen since October 2024 — before a relief rally pushed the largest cryptocurrency back above $70,000.
The slide came amid liquidation-driven selling as leveraged positions were unwound on sharp declines.
Investors’ focus now centers on U.S. macroeconomic data that could shape expectations for Federal Reserve policy.
The release of monthly U.S. jobs figures, delayed by a brief government shutdown, is due on Wednesday.
Later in the week, U.S. Consumer Price Index (CPI) data is scheduled for Friday, a key gauge of inflation that could influence rate-cut bets.
Markets also remain cautious about the impending change in Fed leadership following President Donald Trump’s nomination of Kevin Warsh as the next Fed chair.
Traders are weighing how a potentially more hawkish stance under Warsh could affect liquidity and speculative assets like Bitcoin.
S.Korean crypto exchange accidentally sends $44 bln in Bitcoins to users
South Korean cryptocurrency exchange Bithumb accidentally sent about $44 billion worth of bitcoin to users during a promotional reward event, prompting calls for tougher regulation by the country’s financial watchdog.
The error occurred on Friday when the exchange mistakenly credited accounts with 620,000 bitcoins instead of small cash prizes, triggering a sharp sell-off before the glitch was detected, and 99.7% of the coins were recovered.
Lee Chan-jin, governor of the Financial Supervisory Service, said the incident revealed structural problems in electronic systems for virtual assets and underscored the need for improved oversight mechanisms and legislation to bring digital assets under firmer regulatory control.
Crypto price today: altcoins remain subdued
Most altcoins also fell on Tuesday.
World no.2 crypto Ethereum lost 2% to $2,052.92.
World no. 3 crypto XRP fell 1% to $1.43.
Solana eased 1.6%, while Cardano and Polygon declined 2.5% each.
Among meme tokens, Dogecoin slipped 1.8%.
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