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Bitcoin Price Today: rises to $111K after 7-week low amid Fed concerns
Bitcoin edged higher on Wednesday after hitting a seven-week low in the previous session, as risk appetite remained weak following U.S. President Donald Trump’s attempt to fire Federal Reserve Governor Lisa Cook, which heightened concerns about the central bank’s independence.
As of 13:32 (UTC+03), the world’s largest cryptocurrency was up 1.2% at $111,272.4.
It had fallen to a seven-week low below $109,000 due to a significant transaction by a large holder — reports said 24,000 tokens were liquidated.
Bitcoin has now retreated more than 10% from its August record high above $124,000, erasing much of the rally built on bets that the Fed would soon pivot to rate cuts.
Concerns over Fed independence dampen risk appetite
Trump on Tuesday announced that he had dismissed Cook with immediate effect over allegations of mortgage fraud, accusing her of misrepresenting home ownership status in 2021 loan documents.
The allegations, referred to the Department of Justice by the Federal Housing Finance Agency, are being contested by Cook, who said her dismissal was unlawful.
Cook’s attorney, Abbe Lowell, announced plans to sue the administration, arguing that the firing had no legal grounds and violated the Federal Reserve Act, which stipulates that governors can only be removed “for cause.”
Markets are now reassessing interest rate trajectories, with an increased likelihood of rate cuts in the near term, despite longer-term uncertainty around institutional independence and legal challenges.
Trump Media and Crypto.com to launch cryptocurrency treasury firm
Trump Media & Technology Group (NASDAQ:DJT) and Crypto.com said on Tuesday they will launch a SPAC-backed cryptocurrency treasury company aimed at accumulating Cronos (CRO) tokens, according to company filings and statements.
The new venture, called Trump Media Group CRO Strategy, will be structured as a merger with Yorkville Acquisition Corp and listed on Nasdaq.
Initial financing plans reportedly include $1 billion in CRO tokens, $200 million in cash, $220 million in warrants, and a $5 billion credit line from a Yorkville affiliate.
As part of the venture, Trump Media plans to acquire nearly $105 million in CRO tokens, while Crypto.com will invest in Trump Media shares.
Following the announcement, CRO token prices rose significantly, while Trump Media shares also jumped.
Cryptocurrency prices today: most altcoins rise, Cardano jumps
Most altcoins rose on Wednesday after a sharp drop in the previous session.
The world’s second-largest cryptocurrency, Ethereum, gained 4.1% to $4,602.91 after hitting an all-time high of $4,955 earlier this week.
The world’s third-largest cryptocurrency, XRP, rose 3.5% to $3.01.
Solana jumped 8.5%, while Cardano added 3.3%, and Polygon traded 4.1% higher.
Among meme tokens, Dogecoin climbed 5.4%, while $TRUMP gained 2.4%.
See also: "Litecoin Drops 10% in Bearish Trading With Pullback"
