Bitcoin Price Today: Stable Around $112,000

Cryptocurrency

Bitcoin stabilized after a volatile session on Wednesday, as crypto markets were caught between rising U.S.–China trade tensions and growing confidence that the Federal Reserve will cut interest rates in October.

The world’s largest cryptocurrency fell to $109,000 on Tuesday before partially recovering and was last down 0.2% at $112,292.5 as of 08:30 Moscow time.

Bitcoin Hit by U.S.–China Tensions, Supported by Dovish Powell

Renewed trade tensions between the U.S. and China have been a major drag on Bitcoin in recent sessions, with the token dropping to $103,000 during the weekend flash crash.

Although Bitcoin quickly recovered from the initial losses, it remains well below its recent record high above $126,000.

The cryptocurrency and broader markets received some support from dovish comments by Federal Reserve Chair Jerome Powell on Tuesday.

Powell hinted at a possible end to the Fed’s quantitative tightening cycle, which markets interpreted as a dovish signal. He also noted growing uncertainty surrounding the U.S. economy amid an ongoing government shutdown.

His remarks boosted expectations that the Fed will cut rates at its late-October meeting. According to CME FedWatch, markets now price in a 99.6% chance of a 25-basis-point cut, up from 97.4% a week earlier.

Coinbase Invests in India’s CoinDCX at $2.5 Billion Valuation

Coinbase Global Inc (NASDAQ:COIN) said Tuesday it invested an undisclosed amount in Indian crypto exchange CoinDCX as part of efforts to expand its presence in India and the Middle East.

CoinDCX separately stated that the investment valued the company at $2.45 billion, significantly higher than the sub-$1 billion valuation reported earlier this year. Coinbase has been an investor in CoinDCX since 2020.

Earlier reports suggested Coinbase had considered acquiring CoinDCX. The U.S. exchange recently received approval to offer crypto services in India, but it still lags behind competitors like Binance in capturing market share in the world’s largest crypto user base.

Recent data showed India leads globally in crypto adoption, with over 100 million holders as of late 2024.

Cryptocurrency Prices Today: Altcoins Recover Part of Losses

Broader crypto prices saw modest gains on Wednesday as risk appetite improved following Powell’s remarks.

• Ether (ETH) rose 1% to $4,111.32
• XRP fell 0.2% to $2.5016
• Solana (SOL) and Cardano (ADA) gained 2.4% and 0.4%, respectively
• BNB dropped 3.5%
• Among meme coins, Dogecoin and $TRUMP rose 0.5% each.

See also: "Bitcoin Supply on Exchanges Hits Decade Low — CryptoQuant"

#Bitcoin (BTC)

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