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Bitcoin Rises After 7-Month Low Amid Fed Pressure
Bitcoin edged higher on Wednesday after sharp losses in the previous session, hovering near seven-month lows as traders remained cautious ahead of key U.S. employment data and further signals on Federal Reserve policy.
The world’s largest cryptocurrency was last up 1.4%, trading at $90,953.0 as of 06:25 MSK.
On Tuesday, it briefly fell below $90,000, hitting its weakest level since April. Bitcoin recovered to around $94,000, but failed to hold gains as overall risk sentiment remained weak.
Caution Persists Over Fed Rate Path; Jobs Data in Focus
The pullback reflected growing uncertainty about the Fed’s interest rate outlook. Several policymakers in recent days made hawkish comments, stressing that progress in fighting inflation remains uneven and suggesting there is little room for further easing this year.
This shift dampened expectations for an imminent rate cut, putting pressure on cryptocurrencies.
Market participants now await the long-delayed U.S. nonfarm payrolls report for September, due Thursday after last month’s government shutdown threat postponed its release.
The data could clarify the strength of the labor market and influence the Fed’s next moves, offering the next major cue for Bitcoin.
Uncertainty increased further after President Donald Trump said he had chosen a candidate for Federal Reserve Chair and may announce it soon.
Although current Chair Jerome Powell’s term ends only in May 2026, speculation about a replacement has worried investors concerned about the central bank’s independence.
Kraken Valued at $20 Billion in Latest Funding Round
Crypto exchange Kraken said Tuesday that it raised $800 million in a two-tranche funding round valuing the company at $20 billion, up 33% from two months ago.
The main tranche was backed by institutional investors including Jane Street, HSG, Oppenheimer Alternative Investment Management, and Tribe Capital, while the second $200 million investment came from Citadel Securities.
Kraken said the capital will help accelerate its mission to offer regulated on-chain financial products and expand its multi-asset platform into futures, equities, tokenized assets, and payments.
Crypto Today: Altcoins Suppressed as Risk Appetite Fades
Most altcoins were also subdued on Wednesday, trading sideways amid macroeconomic concerns.
- Ethereum rose 1% to $3,027.24.
- XRP was little changed at $2.13.
- Solana gained 1.5%.
- Polygon added 0.8%.
- Cardano was largely flat.
See also: "Bitcoin Falls Below $90,000 for the First Time in Seven Months"
