Bitcoin was in volatile mode and other cryptocurrencies were trading flat.Bitcoin's price on Thursday fell 0.61 per cent to $30,317.

This comes as investors remain watchful and are waiting for clearer indications on the impact of inflation and the economy.

The world's second largest cryptocurrency, Ethereum, was down by 0.60 per cent to $1,798.75.

Bitcoin is seen changing hands above US$30,000 and is down by nearly 3 per cent after swinging above US$31,536 on Wednesday.

Bitcoin is currently down by almost 34 per cent since the beginning of the year and 56 per cent down from its all-time high

"If buyers can manage to keep Bitcoin above US$32,000, we may likely see an upward move to US$34,000 by the end of June,"Edul Patel, Co-Founder & CEO of Mudrex, said.

Other cryptocurrencies like XRP was up 0.54 per cent, Cardano fell 0.14  per cent, Solana 0.82 per cent, Avalanche fell 1.47 per cent.