Gold prices edge lower; heading for weekly losses ahead of U.S.-Russia talks
Updates price levels, adds Ether and other cryptocurrencies.
Investing.com-- Bitcoin hit a record high on Thursday, as the world’s largest crypto was underpinned by growing expectations of a September interest rate cut and optimism over more corporate buying.
World no.2 crypto Ether also advanced on Thursday and was in spitting distance of a 2021 record high. The crypto was also boosted by a slew of corporate buying this week, as more companies adopted a Bitcoin treasury strategy popularized by Michael Saylor’s MicroStrategy.
Bitcoin hit a record high of $124,436.8, before trimming gains to trade up 3.2% at $123,164.1 by 00:47 ET (04:47 GMT).
Bitcoin boosted by rate cut cheer, corporate interest
The world’s biggest crypto has been on a tear since last week, aided by increased corporate buying, and as mild U.S. inflation data ramped up bets for a September rate cut. Markets were seen pricing in a nearly 97% chance for a 25 basis point cut in September, CME Fedwatch showed.
Lower rates stand to support crypto prices by freeing up more liquidity for investing in speculative assets.
Bitcoin was also buoyed by increased corporate buying in recent weeks, amid more companies adopting a treasury strategy popularized by Michael Saylor’s MicroStrategy Incorporated (NASDAQ:MSTR) (now Strategy).
Metaplanet Inc (TYO:3350), the world’s sixth-largest corporate holder of Bitcoin, disclosed the purchase of over $60 million Bitcoin earlier this week. The company is raising billions in fresh capital to buy more Bitcoin.
Earlier in August, Strategy also disclosed a major Bitcoin purchase, bringing its total holdings to 628,946 coins.
Sentiment towards crypto was also boosted this week by Peter Thiel-backed crypto exchange Bullish Inc (NYSE:BLSH) staging a stellar debut on the NYSE. Shares of the firm jumped nearly 90% from their initial public offering pricing, pricing the company at over $10 billion.
Crypto price today: Ether upbeat near record high, altcoins advance
Broader crypto prices all advanced on Friday, and were sitting on strong gains this week amid improving risk appetite. Most major altcoins largely outpaced Bitcoin this week.
World no.2 crypto Ether traded less than $100 below a record high on Thursday, having also benefited from increased corporate buying in recent weeks.
Ether rose nearly 4% to as high as $4.786.54– close to a $4,868.8 record high hit in November 2021.
A host of U.S.-listed companies announced plans to purchase Ether in a manner similar to Strategy’s buying of Bitcoin. This trend saw Standard Chartered sharply hike its price target 2025 for Ether to $7,500 from $4,000.
In other altcoins, world no.3 crypto XRP rose 2.6% to $3.3038. Solana and Cardano added 6.5% and 19.5%, respectively, with Cardano also encouraged by Grayscale Investments advancing its listing plans for a spot Cardano exchange-traded fund.
Among memecoins, Dogecoin rose 6.8%, while $TRUMP added 7.1%.