Bitcoin Price Holds Near $66,000 as Markets Await U.S. CPI Data
Bitcoin traded close to $66,000 on Friday, extending its recent weakness and remaining on track for a fourth consecutive weekly loss. Investors stayed cautious as broader risk assets softened and markets prepared for the release of key U.S. inflation data later in the day.
The world’s largest cryptocurrency was down 1.1% at $66,464.6 by 02:24 ET (07:24 GMT), after falling toward the $65,000 level in the previous session.
Bitcoin is set to decline nearly 6% for the week, marking its fourth straight weekly drop. Although the token rebounded from earlier lows, it has struggled to maintain upward momentum and is drifting back toward last week’s support near $60,000.
Risk-Off Sentiment Weighs on Crypto and Tech Stocks
Global markets have shifted into a risk-off mode. Wall Street technology stocks fell sharply overnight, while Asian equities also declined on Friday, adding pressure to high-risk assets such as cryptocurrencies.
Renewed concerns over artificial intelligence-driven disruption triggered broad selling in software and IT stocks. Investors are increasingly questioning how automation and new AI tools could impact traditional business models and revenue streams.
Focus Turns to U.S. Inflation and Fed Policy
The U.S. Consumer Price Index (CPI) report remains the main focus for markets. Investors are looking for fresh signals on inflation trends and the outlook for Federal Reserve interest rate policy.
Earlier in the week, strong U.S. jobs data showed solid payroll growth and a lower unemployment rate. The upbeat labor market figures reduced expectations for near-term rate cuts, which in turn weighed on speculative assets including Bitcoin.
The combination of firm economic data and inflation uncertainty has kept trading in cryptocurrencies subdued.
Crypto Executives Join CFTC Innovation Advisory Committee
In regulatory developments, the U.S. Commodity Futures Trading Commission (CFTC) appointed several prominent crypto executives to its newly created Innovation Advisory Committee.
The committee includes:
- Brian Armstrong, CEO of Coinbase
- Brad Garlinghouse, CEO of Ripple
- Vladimir Tenev, CEO of Robinhood
- Hayden Adams, CEO of Uniswap Labs
The panel will advise the agency on emerging technologies such as blockchain and artificial intelligence, particularly in relation to derivatives and digital asset markets.
The move reflects growing efforts by U.S. authorities to clarify crypto regulation, with the CFTC expected to play a key role in shaping future oversight of digital assets.
Altcoins Also Trade Lower
Most major altcoins followed Bitcoin lower:
- Ethereum fell 1.3% to $1,944.76
- XRP dropped 1.7% to $1.35
- Solana declined 2.3%
- Cardano edged lower
- Polygon gained 4%, outperforming the broader market
- Dogecoin traded mostly flat
Overall, crypto markets remain cautious as investors balance inflation risks, Federal Reserve policy expectations, and broader volatility in global equities.
