Investing.com — Bitcoin price edged higher on Tuesday as a weekend dip attracted some bargain buying, though risk sentiment was limited ahead of a slew of key U.S. economic indicators this week.
Capital flows data showed that hot-selling attracted traders to cryptocurrency investment products throughout last week, although only Ether saw significant inflows into this trend.
Sentiment towards cryptocurrency markets was also undermined by a discussion between Republican presidential candidate Donald Trump and Tesla (NASDAQ:) CEO Elon Musk at X, where the topic of cryptocurrency regulations was not raised even once.
rose 1.2% to $59,305.3 as of 01:53 ET (05:53 GMT).
Musk and Trump's conversations don't mention cryptocurrencies
The conversation between Musk and Trump disappointed some market participants who had expected the Republican candidate to reiterate his support for cryptocurrencies.
But while Trump has expressed support for the cryptocurrency industry (even speaking at the Bitcoin conference last month), he has rarely mentioned cryptocurrencies or Bitcoin when speaking at more mainstream events.
His conversation with Musk was no exception to this trend, and bets on cryptocurrency betting platform Polymarkets showed traders were positioning for some mention of cryptocurrencies. Bitcoin also briefly fell to $58,000 following the talk.
Bitcoin sees limited institutional demand, Ether inflows rebound
Data from digital asset manager Coinshares showed on Monday that cryptocurrency investment products, primarily those exposed to , saw strong inflows over the past week as a sharp drop in prices attracted a lot of bargain buying.
Ether products saw inflows of over $155 million, with buying also increasing after the disappointing launch of spot Ether exchange-traded funds in US markets last month.
Bitcoin recorded only about $13 million in inflows.
Cryptocurrency markets were still reeling from heavy losses from last week, when lower risk appetite weighed on prices across the board. Bitcoin had fallen to $49,000 and was now range-bound between $50,000 and $60,000, a range that has been seen for most of this year.
Cryptocurrency price today: Altcoins advance, inflation data expected
Cryptocurrency prices generally rose on Tuesday, following slight gains in Bitcoin, although like the token, most altcoins also remained range-bound.
The world's No. 2 token, Ether, rose 3.8% to $2,651.26, up 0.2% to 1.6%.
Among meme tokens, it rose by 2.9%.
Markets were largely cautious ahead of key US inflation data due on Wednesday, which will provide further clues on the Federal Reserve's plans to cut interest rates.
