Investing.com– Bitcoin’s price fell on Thursday, losing even more as risk appetite remained subdued ahead of key U.S. inflation data that will likely include the interest rate outlook.

The world’s largest cryptocurrency was also pressured by speculation about the sale of a immense number of tokens held by the US government, although such a sale still seemed a long way off.

Broader cryptocurrency markets also fell on Thursday, largely lagging gains in other risk-based markets, especially stocks.

fell 2.3% to $60,919.2 by 00:50 ET (04:50 GMT).

CPI data awaited further signals regarding interest rates

Bitcoin has been under pressure for some resilience in the currency market amid growing uncertainty about the Federal Reserve’s plans to cut interest rates further.

Minutes from the Fed’s September meeting showed that policymakers largely supported the central bank’s 50-basis-point cut last month. However, they were undecided on the pace of future interest rate cuts.

This came after last week’s mighty wages data showed investors had withdrawn bets on a 50 basis point cut in November and now shows investors were betting on a 25 basis point cut.

data, which will be released later on Thursday, is now in focus for more clues about the path of interest rates. Headline CPI is expected to decline slightly in September, although it is expected to remain flat.

The prospect of U.S. interest rates remaining high for an extended period of time bodes poorly for cryptocurrencies, given that it indicates less liquidity available for investing in speculative assets.

Bitcoin Weighted by $4 Billion Government Sale Speculation

Some speculation about the US government’s massive token sale – tokens confiscated from the Silk Road marketplace – has also weighed on Bitcoin.

Earlier this week, the Supreme Court upheld a court order ordering the government to liquidate 69,370 Bitcoins confiscated from the market.

While such a liquidation does not seem imminent, a sale would mean about $4 billion worth of Bitcoin being offloaded onto the open market, which could depress prices.

The distribution of tokens by now-defunct cryptocurrency exchange Mt Gox sent Bitcoin prices crashing earlier this year.

Cryptocurrency Price Today: Altcoin Drop Tracking Bitcoin

Among broader cryptocurrency prices, the world’s No. 2 cryptocurrency fell 2.1% to $2,395.41.

and fell from 1% to 3% and lost 0.3%.

Among meme tokens, drop 0.3%.