Advertisement
Bitcoin climbed back above 111,000 dollars on Tuesday after a choppy session. The move came as investors grew more confident that the U.S. Federal Reserve will cut interest rates later this month. Traders are now waiting for U.S. jobs data due Friday to see if the rebound can last.
At 9:47 a.m. Eastern time, Bitcoin was up nearly 2 percent at 111,110 dollars. Earlier in the day, it swung between 107,274 and 109,243 dollars. The crypto giant is still down about 12 percent from its record high above 124,000 dollars in mid-August. But expectations for easier Fed policy have helped it find a floor.
According to CME FedWatch, traders now see an almost 90 percent chance the Fed will cut rates by a quarter point in September. Fed Chair Jerome Powell recently warned about slowing job growth, a sign to many that the central bank is ready to act sooner.
The August jobs report on Friday is the next big test. If the numbers show weaker hiring, markets may double down on bets that rate cuts are coming, which could push Bitcoin higher. A weaker U.S. dollar has also helped, with gold touching new highs as investors shift into alternative assets.
Still, Bitcoin’s drop from its summer peak has kept traders on edge.
Trump family token stumbles in debut
A new crypto linked to Donald Trump’s family, called World Liberty Financial or $WLFI, had a rough first day of public trading on Monday. After being offered internally, the token slid once it hit open markets, reflecting investor caution about politically tied projects.
MicroStrategy expands its massive bitcoin hoard
Meanwhile, software firm Strategy, formerly MicroStrategy, added more Bitcoin to its already huge stash. The company bought 4,048 coins between August 26 and September 1, spending about 449 million dollars at an average price of nearly 111,000 each.
That brings its total holdings to more than 636,000 Bitcoin, worth around 70 billion dollars at current prices. The firm paid about 47 billion in total, leaving it with 23 billion in unrealized gains. The purchases were funded through stock sales and preferred shares.
Altcoins Mixed as Meme Tokens Struggle
Most other cryptos followed Bitcoin’s lead with modest gains. Ethereum slipped 0.5 percent to 4,364 dollars. XRP rose 1.6 percent to 2.81 dollars. Solana added 1.4 percent, Cardano 0.3 percent, and Polygon 1.5 percent.
Dogecoin dropped 1.4 percent, while the Trump-linked $TRUMP token lost about 1 percent.