The personal consumption expenditure (PCE) data will provide more clues on the inflation trajectory and how the Federal Reserve may approach managing interest rates in September.
Bitcoin (BTC), Ethereum (ETH), and other top cryptocurrency tokens remained under pressure in pre-market trade on Friday as investors awaited the release of personal consumption expenditure (PCE) data later in the day for clues on inflation and the Fed’s September policy path.
Ethereum’s price was the worst-hit among the top cryptocurrency tokens, down more than 5.4% over the last 24 hours, trading at around $4,300–12% below its record of more than $4,900, seen last week. On Stocktwits, retail sentiment around the cryptocurrency fell to the ‘neutral’ zone from ‘bullish’ over the past day, and chatter also simmered down to ‘normal’ from ‘high’ levels.
Meanwhile, shares of Ethereum-holding companies, Bitmine Immersion Technologies (BMNR) and FG Nexus (FGNX), were mixed during pre-market trade, despite the weakness in Ethereum’s price. BMNR’s stock fell 1.25%, but FGNX’s stock rose more than 9%.
Cardano (ADA), Ripple’s native token (XRP), and meme token Dogecoin (DOGE) also faced heavy losses. Cardano’s price fell 5%, XRP’s price was down 4%, and Dogecoin’s price dipped 3.8% in the last 24 hours. Solana (SOL) only fell 2.2%.
Bitcoin’s price fell 2.7% in the last 24 hours, down to $109,800 and more than 11% below its recent record high of over $124,000. On Stocktwits, retail sentiment around the apex cryptocurrency fell to ‘bearish’ from ‘neutral’ over the past day. Bitcoin was among the top trending tickers on the platform at the time of writing.
Many market watchers are hoping for another bull run after the current week’s doldrums. Tiger Research predicted that Bitcoin’s price could reach $190,000 by the end of the third quarter (Q3), driven by global liquidity, ETF demand, and new access to 401(k) plans. The firm’s model showed that the cryptocurrency would at least reach $135,000. It then layered on multipliers for fundamentals and macro conditions to reach the final Bitcoin price forecast.
Egrag Crypto, an analyst on X, compared Bitcoin’s price performance across four major cycles against the S&P 500. He stated that each successive cycle has delivered smaller gains, but the uptrends have lasted longer. The analyst suggested that Bitcoin’s price could hit another all-time high in December, before cooling off.
On the equities side, Bitcoin-linked stocks were in the red during pre-market trading. Shares of Strategy (MSTR), the largest corporate holder of Bitcoin, dipped 1.79%. Bitcoin miner Riot Platforms (RIOT) stock fell 1.8%, while shares of its peer, Mara Holdings (MARA), dropped 2.19%. Crypto exchange Coinbase Global (COIN) fell 1.4%.
The selloff in the crypto market led to more than $410 million in liquidations over the past 24 hours, according to Coinglass data. Most of the liquidations came from long bets–traders who bet that the price of cryptocurrencies would rise, amounting to around $351 million. Short liquidations were around $61 million.
The overall cryptocurrency market fell 3.1% in the last 24 hours, with Bitcoin’s dominance at 56.4%.
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