Bitcoin Nears $65,000 Amid Market Volatility and Inflation Concerns

Bitcoin hovered near the $65,000 level amid a risk-off sentiment in the crypto market, erasing midweek gains. The cryptocurrency and major altcoins like Ethereum, XRP, and BNB declined between 3.5% and 12%, influenced by stronger US inflation data and fading hopes for Federal Reserve rate cuts. Bitcoin is on track for its worst monthly performance since June 2022, marking a potential fifth consecutive monthly decline, with analysts noting ongoing volatility and signs of possible bottom formation amid macroeconomic uncertainties.