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Investing.com-- Bitcoin steadied on Tuesday as a recent rebound paused amid growing caution over upcoming high-level talks between the U.S. and China and a Federal Reserve meeting later this week.
The world’s largest cryptocurrency edged 0.8% higher to $115,700.0 by 10:28 ET (14:28 GMT), seeing some profit-taking after rebounding as far as $116,000 on Monday.
Fed rate cut, Trump-Xi talks in focus
Markets turned cautious before the beginning of a Fed meeting on Tuesday, with the central bank widely expected to cut interest rates by at least 25 basis points on Wednesday.
Bets on a rate cut were furthered by mildly softer-than-expected consumer inflation data released last week, which showed inflation remaining mostly muted. This, coupled with recent signs of a cooling labor market, kept markets largely geared towards more Fed rate cuts in the coming months– a scenario that bodes well for crypto markets.
Focus was also on upcoming talks between U.S. President Donald Trump and Chinese President Xi Jinping, scheduled for this week. The two are expected to build on a framework trade deal between Washington and Beijing, which is aimed at deescalating heightened trade tensions between the world’s largest economies.
The prospects of lower rates and a U.S.-China trade deal were key drivers of crypto’s rebound rally, which helped Bitcoin break out of a $100,000 to $110,000 trading range seen through most of October.
Metaplanet to buy back about $500 mln of shares
Japanese hotelier turned Bitcoin treasury Metaplanet Inc (TYO:3350) said on Tuesday it will buy back up to 13.13% of its shares worth about 75 billion yen ($500 million).
Metaplanet’s shares surged over 6% in Tokyo trade following the announcement, recovering further from a recent six-month low.
The company said it will fund the buyback through a $500 million debt facility.
Metaplanet is the fourth-largest corporate holder of Bitcoin, with 30,823 coins in its holdings.
The company ramped up its purchases of the crypto over the past year, with a slew of capital offerings.
But growing doubts over the long-term viability of corporate Bitcoin treasuries battered its shares in the last two months, with Metaplanet’s enterprise value also sinking below the value of its Bitcoin reserves earlier in October.
Ark Invest buys $30.9 million in Block shares
Cathie Wood’s Ark Invest increased its exposure to crypto-linked stocks on Monday, purchasing $30.9 million worth of Block Inc. (NYSE: SQ) shares across three of its exchange-traded funds.
According to the firm’s daily trading update, the ARK Innovation ETF (ARKK) bought 210,916 Block shares, while the ARK Next Generation Internet ETF (ARKW) added 59,827. The ARK Fintech Innovation ETF (ARKF) also picked up 114,842 shares.
Earlier in the month, Block’s Square unit launched a Bitcoin integration allowing merchants to accept, hold, and convert the cryptocurrency directly through their point-of-sale systems, alongside a new Bitcoin wallet feature for users.
Crypto price today: Altcoins muted, $TRUMP soars 19%
Broader crypto prices largely retreated in tandem with Bitcoin.
Ether was little changed at $4,159.45. Earlier in the day, treasury firm ETHZilla said it sold about $40 million of Ether from its treasury to fund a share buyback.
XRP added 1.4%, while BNB was flat.
Cardano and Solana rose between 0.8% and 1.5%, while among meme tokens, Dogecoin was also muted.
Meanwhile, $TRUMP surged 19% after Trump Media’s Truth Social platform announced it is launching “Truth Predict,” a new prediction market feature developed in partnership with Crypto.com. The tool will let users trade event-based contracts tied to politics, economics, sports, and other major topics.
(Ambar Warrick contributed to this report.)