Cryptocurrencies fall ahead of US inflation data

Cryptocurrencies 

Cryptocurrencies declined on Thursday as investors assessed the outlook for the US–Iran ceasefire while awaiting upcoming US inflation data.

Bitcoin fell 0.35% to $71,036.13 as of 10:44 a.m. Makkah time, accounting for 58.9% of the total crypto market value.

Ethereum, the second-largest digital currency by market value, dropped 1.1% to $2,182.36, while XRP declined 1.2% to $1.332.

Iran will demand that shipping companies pay tolls in cryptocurrency for laden oil tankers passing through the Strait of Hormuz during the ceasefire with the US, with passage fees set at $1 per barrel, Financial Times reported, citing a shipping industry official.

Markets are also awaiting the release of the US core personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred inflation gauge, with expectations that the monthly reading will remain steady at 0.4% in February.