Bitcoin Rises Near $113,000, Focus Turns to Fed Speculation
Bitcoin rallied on Thursday after hitting a seven-week low earlier this week, as expectations of a U.S. interest rate cut next month grew amid uncertainty surrounding President Donald Trump's attempt to fire one of the Fed's governors. As of 2:04 a.m. ET (6:04 a.m. GMT), the world's largest cryptocurrency was up 1.7% at $112,869.5. BTC had previously dipped below $109,000, but has recovered from that level in the past two sessions. However, Bitcoin is still down more than 10% from its August high above $124,000.
Trump announced on Tuesday that he had fired Fed Chair Lisa Cook effective immediately, accusing her of mortgage fraud by misrepresenting homeownership status on 2021 loan documents. Cook denied the allegations, which were referred to the Justice Department by the Federal Reserve Board (FHFA), and called the firing unlawful. Cook's lawyers have said they will sue, arguing that the move lacks legal basis and violates the Federal Reserve Act. Meanwhile, the market has refocused on the likelihood of a rate cut; traders now price in around an 85% chance of a 25 bps cut in September. Investors are also awaiting the release of the US PCE price index on Friday, the Fed's favorite inflation benchmark.
Canary Capital Files for $TRUMP Meme Coin ETF
Canary Capital filed with the SEC to launch an ETF tracking the $TRUMP meme coin, a digital asset associated with President Donald Trump. The ETF aims to provide regulated exposure to the token, which debuted in January 2025 and is popular on social media. However, the filing noted that approval is uncertain because there is no futures market for the $TRUMP coin—a requirement for such products under current SEC guidelines.
Other Crypto Prices: Mixed
Altcoins traded mixed on Thursday, in line with Bitcoin's range-bound movement. Ethereum fell 1.2% to $4,559.91 after hitting a record $4,955 earlier this week. XRP fell 0.6% to $3.00. Solana surged 4% and Cardano edged up 0.2%, while Polygon weakened 0.7%. Among meme tokens, Dogecoin rose 0.6% and $TRUMP strengthened 0.9%. (ayu)
Source: Newsmaker.id
