Trump to appeal tariff ruling, warns of economic consequences
Investing.com-- Bitcoin rose above $111,000 on Tuesday in volatile trading, lifted by rising expectations that the Federal Reserve will cut interest rates this month, while traders awaited key U.S. jobs data for confirmation.
The world’s biggest cryptocurrency was last up 1.8% at $111,110 as of 09:47 ET (13:47 GMT), after swinging between $107,274 and $109,243 in the session.
Bitcoin rebounds amid Fed easing bets; jobs data awaited
Bitcoin has slid nearly 12% since hitting a record high above $124,000 in mid-August, but has found support as markets increasingly price in U.S. monetary easing.
CME FedWatch data showed traders now see an 89% probability the Fed will deliver a 25-basis-point cut at its September meeting.
Fed Chair Jerome Powell last week warned that labor market cooling posed a risk to growth, comments widely interpreted as opening the door to earlier action.
The focus now turns to Friday’s August nonfarm payrolls report, which economists expect will show moderating job gains.
Softer-than-expected data could cement bets on easing and extend Bitcoin’s rebound.
A weaker dollar also buoyed sentiment, with the greenback hovering near multi-week lows against major peers as rate-cut expectations built. Gold scaled fresh highs, underscoring a broader rotation into alternative assets.
Still, Bitcoin’s pullback from August peaks has kept traders cautious.
Trump-backed World Liberty token dips in debut trading
The digital tokens underpinning the Trump family’s cryptocurrency venture, World Liberty Financial, slid in value on their first day of trading on Monday. Known as $WLFI, the tokens were initially offered to internal stakeholders before their public release.
The debut saw a notable decline in price following the transition to open markets, reflecting volatility and cautious investor sentiment toward the politically associated token.
Strategy expands Bitcoin stash with fresh $450mln purchase
Strategy, formerly known as MicroStrategy, disclosed in a filing that it purchased another 4,048 bitcoin between August 26 and September 1 for about $449.3 million. The coins were bought at an average of $110,981 each.
With the latest addition, the company now holds 636,505 bitcoin valued at roughly $70 billion. Its total average purchase price stands at $73,765 per coin, amounting to about $47 billion in cost.
That leaves the world’s largest Bitcoin treasury firm sitting on around $23 billion in unrealized gains, according to co-founder and executive chairman Michael Saylor.
The acquisitions were financed through proceeds from at-the-market sales of its Class A common shares and several series of perpetual preferred stock.
Crypto price today: most altcoins rise; $DOGE declines
Most altcoins also saw modest gains tracking the broader sentiment, while Ether edged lower, and $TRUMP declined sharply.
World no.2 crypto Ethereum fell 0.5% to $4,364.25.
World no. 3 crypto XRP rose 1.6% to $2.81.
Solana gained 1.4%, and Cardano added 0.3%, while Polygon advanced 1.5%.
Among meme tokens, Dogecoin slipped 1.4%, while $TRUMP dropped around 1%.
(Ayushman Ojha contributed to this report.)