U.S. stocks rise on Fed cut bets; earnings continue to flow
Investing.com-- Bitcoin edged lower on Thursday, with broader crypto prices also treading water as caution over U.S. interest rates and labor data kept traders to the sidelines and wary of speculative assets.
Bitcoin showed little reaction to American Bitcoin, a mining and treasury company backed by the Donald Trump family, listing on the Nasdaq through a merger with Gryphon Digital Mining Inc (NASDAQ:ABTC) on Wednesday.
Bitcoin slipped 0.8% to $110,690.0 by 09:57 ET (13:57 GMT), having floundered well below $120,000 after hitting a record high over $124,000 in mid-August.
Trump-backed American Bitcoin lists publicly, shares rise in debut
American Bitcoin debuted on the Nasdaq on Wednesday following a merger with Hut 8-owned miner Gyphon Digital.
The company is backed by Eric Trump and Donald Trump Jr., and plans to build a treasury of Bitcoin and other crypto assets. The company also plans to extensively mine Bitcoin, and will lease data centers from Hut 8, earlier reports showed.
Shares of American Bitcoin surged 16.5% in their first day of trading, adding another 5% in aftermarket trade. The surge saw the Trump family’s stake in the firm cross a valuation of over $1.5 billion.
The Trump brothers hold about 20% of American Bitcoin, while Hut 8 owns the remaining 80%,
Wednesday’s listing is the latest in the Trump family’s crypto ventures, with their World Liberty Financial venture publicly releasing its $WLFI tokens earlier this week. The token had largely slumped in its debut.
Still, the Trump family’s crypto ventures were seen substantially adding to their personal wealth this year, especially as crypto prices rallied on a flurry of pro-crypto policies from the White House.
But this trend has also drawn criticism over a potential conflict of interest for President Trump.
SEC outlines crypto overhaul, disclosure reforms in new agenda
The U.S. Securities and Exchange Commission (SEC) on Thursday released its rulemaking agenda, signaling potential sweeping changes to cryptocurrency oversight and a rollback of regulations long criticized by Wall Street.
The SEC outlined plans to propose new rules for the offer and sale of digital assets, possibly including exemptions and safe harbors. It also said it would weigh allowing crypto to trade on national securities exchanges and alternative trading systems.
If adopted, the measures would mark a significant victory for the digital asset industry, which has sought clearer rules to integrate more closely with traditional markets.
“This regulatory agenda reflects that it is a new day at the Securities and Exchange Commission,” Chair Paul Atkins said. “The items on the agenda represent the commission’s renewed focus on supporting innovation, capital formation, market efficiency and investor protection.”
The SEC also said it will advance a plan to “rationalize” disclosure requirements aimed at improving transparency and lowering risks for investors.
Crypto price today: altcoins track Bitcoin languidity amid rates, payrolls caution
Broader crypto prices also moved slightly lower on Thursday, remaining rangebound like Bitcoin amid persistent caution over U.S. interest rates.
While markets were seen growing increasingly convinced that the Fed will cut interest rates later this month, nonfarm payrolls data will test this notion on Friday. A cooling labor market and inflation are the Fed’s biggest considerations for lower rates.
World no.2 crypto Ether slipped 0.8% to $4,381.02, recouping some recent losses. XRP fell 1.1% to $2.82.
Solana fell 2%, while Cardano shed nearly 3%. Among meme tokens, Dogecoin fell 0.8%, while $TRUMP fell 1.2%.
(Ambar Warrick contributed to this report.)