Bitcoin price today: ticks up to $113k as focus returns to Fed easing bets

Investing.com-- Bitcoin ticked higher on Thursday after hitting a seven-week low earlier this week, as investors weighed growing expectations of a U.S. interest rate cut next month against uncertainty following President Donald Trump’s attempt to fire a Federal Reserve governor.

As of 09:48 ET (13:48 GMT), the world’s largest cryptocurrency traded 1% higher at $112,940.0.

It fell to a seven-week low below $109,000 earlier this week, but has rebounded slightly in the last two sessions to drift away from those lows.

Still, Bitcoin has fallen more than 10% from an August record peak above $124,000.

Fed rate cut bets in focus amid independence worries

Trump on Tuesday announced he had fired Fed Governor Lisa Cook, effective immediately, over allegations of mortgage fraud, accusing her of misrepresenting home-ownership status in 2021 loan documents. 

The allegations, referred to the Justice Department by the Federal Housing Finance Agency, are disputed by Cook, who said her dismissal was unlawful.

Cook’s lawyer announced plans to sue the administration, arguing that the dismissal lacked legal grounds and violated the Federal Reserve Act.

Markets’ focus has shifted back to increasing bets for an interest rate cut next month, with traders pricing in roughly an 85% chance of a quarter-point reduction in September.

Investors also await the U.S. personal consumption expenditures (PCE) price index due on Friday. The measure is the Fed’s preferred gauge of inflation and will play a critical role in shaping expectations for policy easing.

Canary Capital Files for Trump Meme Coin ETF

Canary Capital has filed with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) tracking the $TRUMP meme coin, a digital asset associated with President Donald Trump.

The proposed ETF aims to provide investors with regulated exposure to the token, which debuted in January 2025 and gained popularity on social media platforms. 

The filing notes that the ETF’s approval is uncertain due to the absence of a futures market for the $TRUMP coin, a requirement for such products under current SEC guidelines.

Ark Invest boosts BitMine stake with $15.6m purchase

Cathie Wood’s Ark Invest increased its position in Ethereum treasury firm Bitmine Immersion (NYSE:BMNR) on Wednesday, picking up an additional $15.6 million in stock as shares moved lower.

According to the firm’s daily trading disclosure, the ARK Innovation ETF (ARKK) added 227,569 shares, while the ARK Next Generation Internet ETF (ARKW) acquired 70,991 shares. The ARK Fintech Innovation ETF (ARKF) also purchased 40,553 shares.

Earlier this week, BitMine, which manages a large Ethereum treasury, reported that the combined value of its crypto and cash holdings had risen to $8.82 billion. That figure includes 1.71 million ETH, valued at about $7.9 billion.

Crypto price today: altcoins largely up but range-bound

Altcoins were slightly up on Thursday, tracking rangebound moves in the world’s largest cryptocurrency.

World no.2 crypto Ethereum fell nearly 1% to $4,590.13, after hitting a record high of $4,955 earlier this week.

World no. 3 crypto XRP added 0.2% to $3.01.

Solana jumped 5% and Cardano edged up 1.2%, while Polygon traded nearly flat. 

Among meme tokens, Dogecoin gained 2.7%, while $TRUMP rose 1%.

(Ayushman Ojha contributed to this report.)