Cryptos rise as US rate hike expectations ease

Cryptocurrency markets saw a slight uptick on Tuesday as the likelihood of a US interest rate hike this month diminished. The latest jobs data reduced expectations for an October rate increase, although traders still anticipate an 87% chance of a hike in December, according to the FedWatch Tool.

Japan’s Metaplanet, the second-largest corporate Bitcoin holder globally, announced it had acquired an additional 1,000 Bitcoins in the third quarter. This purchase increases its total holdings to 44,000 Bitcoins, valued at $3.7 billion as of September 30, reflecting its ongoing strategy to expand its cryptocurrency investments.

Naeem Aslam, chief investment officer at Zaye Capital Markets, noted that Bitcoin’s recent price movements are highly sensitive to liquidity expectations, Treasury yields, and institutional flows, rather than cryptocurrency-specific news alone.

As of 11:08 a.m. Makkah time, Bitcoin (BTC) was trading at $85,867.50, up 0.18%. Ethereum (ETH) saw a 0.23% increase to $2,715.31, while XRP (XRP) declined by 0.13% to $1.5031.