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Bitcoin price today: stabilizing at $110,800 amid caution over US rates and tariffs
Bitcoin stabilized on Wednesday after recovering some of its recent losses, although traders remain cautious about crypto markets due to uncertainty surrounding US trade tariffs and interest rate cuts.
Safe-haven assets such as gold and the US dollar outperformed Bitcoin this week, as growing concerns about high debt levels in developed countries also increased risk aversion. Additional pressure came from caution ahead of key US labor market data releases this week, which are likely to influence the outlook for US interest rates.
Bitcoin rose 0.5% to $110,812.6 by 08:38 (UTC+03).
An increase in Bitcoin purchases by the world's number one corporate holder, Strategy, formerly known as MicroStrategy (NASDAQ:MSTR), had little impact on prices. The company, led by Michael Saylor, acquired approximately 4,048 Bitcoins for nearly $450 million in the last week of August.
Elsewhere, digital tokens owned by US President Donald Trump's crypto venture, World Liberty Financial, plummeted during their debut on public markets earlier this week.
Bitcoin suffered from weakening risk appetite amid uncertainty over interest rates and tariffs
The world's largest cryptocurrency fell to a two-month low of around $107,000 earlier this week, triggering a broader decline in cryptocurrency markets. It has fallen about 12% from its record high reached in mid-August.
Bitcoin's recent losses also coincided with a sharp decline on Wall Street, as risk assets were spooked by rising bond yields in major economies.
Markets were on edge ahead of closely watched US labor market data this week, with nonfarm payrolls due on Friday.
Any signs of further deterioration in the labor sector could set the Federal Reserve up for an interest rate cut later this month, although a weakening labor market also poses increased risks to the US economy.
Weak purchasing managers' index readings for August reinforced this view. Nevertheless, markets remain more than 90% certain that the Fed will cut rates by 25 basis points in September, according to CME Fedwatch.
Uncertainty over US trade tariffs also weighed on sentiment after an appeals court ruled that most of President Donald Trump's tariffs were illegal and must be removed by October 14.
Trump said he would appeal the decision to the Supreme Court, adding to the list of ongoing legal problems facing his administration. Trump's attempts to fire Fed Governor Lisa Cook have also met with legal resistance, and the case is likely to go to the US Supreme Court.
Bitcoin largely follows US tech stocks and has fallen alongside the NASDAQ Composite in recent sessions. Rising bond yields around the world amid concerns about stretched government debt in the developed world have spooked traders.
Cryptocurrency prices today: altcoins recover from recent losses
Broader cryptocurrency prices rose in the wake of Bitcoin, recovering some of their recent losses.
The world's number two cryptocurrency, Ether, was an exception, falling 1.6% to $4,315.03. XRP rose 0.6% to $2.8267, while Solana and Cardano rose 2.8% and 1.2%, respectively.
Among meme tokens, Dogecoin rose 0.2%, while $TRUMP added 0.8%.
See also: "Binance announced the listing of the Trump token"
