Cryptos Climb as US Rate Hike Expectations Ease
Cryptocurrency prices saw a modest rise on Tuesday as market expectations for a Federal Reserve interest rate hike in October waned. The latest jobs data reduced the likelihood of an October rate hike, although traders still anticipate an 87% probability of a December hike, according to the FedWatch Tool.
Japan’s Metaplanet, the second-largest corporate holder of Bitcoin globally, announced it had acquired an additional 1,000 Bitcoins in the third quarter. This purchase is part of the company’s strategy to expand its cryptocurrency investments, bringing its total holdings to 44,000 Bitcoins, valued at $3.7 billion as of September 30.
Naeem Aslam, chief investment officer at Zaye Capital Markets, noted that recent Bitcoin price movements are heavily influenced by 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 $153.14 or 0.18%. Ethereum (ETH) rose $6.25 or 0.23% to $2,715.31, while XRP dipped slightly by $0.0020 or 0.13% to $1.5031.