Investing.com — Bitcoin was little changed on Thursday, stabilizing after piercing declines over the past two sessions, as investors awaited a series of economic data releases that would determine the future direction of the cryptocurrency market.

The value of the world’s largest cryptocurrency fell sharply on Tuesday and Wednesday after the transfer of nearly $2 billion worth of tokens between the wallets of a major cryptocurrency exchange left traders worried about the prospect of another large sell-off.

Signs of withering capital inflows into cryptocurrencies have kept bitcoin’s price in the range it has been trading in for most of this year, although it has seen wild swings in recent sessions.

settled at $59,339.3 at 01:19 ET (05:19 GMT), stabilizing after falling as low as $58,000 earlier in the week.

A drop in the value of shares of market darling NVIDIA Corporation (NASDAQ:) also dampened risk appetite, making cryptocurrency prices struggle to rally.

Waiting for inflation and GDP data for further guidance on interest rates

Cryptocurrency markets continued to be held off recent lows by continued optimism about lower interest rates in the US. Lower interest rates create a more favorable environment for speculation, a key factor in cryptocurrency price action.

U.S. economic data due this week is likely to weigh on the outlook for interest rates. Revised second-quarter data is due on Thursday, after readings released last month showed the world’s largest economy was resilient.

data – the Federal Reserve’s preferred measure of inflation – is due out on Friday and will also be closely watched.

Markets are divided on whether there will be a 25 or 50 basis point rate cut in September, with weaker economic data likely to boost expectations for a larger cut.

However, how much cryptocurrencies will benefit from lower interest rates remains unknown after a recent report from blockchain research firm Glass Node found that speculative interest in the sector, especially among retail investors, has largely dried up.

Other capital flow data points to waning enthusiasm for cryptocurrencies among institutional investors, while optimism surrounding the launch of Bitcoin ETFs earlier this year has faded.

Cryptocurrency price today: altcoins rising but remaining in range

Against the backdrop of broader cryptocurrency prices, major altcoins posted some gains but struggled to recoup losses seen earlier this week.

The world’s No. 2 cryptocurrency rose 3% to $2,537.46, while each cryptocurrency’s value rose about 0.5%.

lagged behind, down 2.4%, while the stock fell 4.6%, extending hefty losses recorded earlier in the week.

Among meme tokens, the raise was 1.5%.