Bitcoin Near $112K as Rate-Cut Speculation Supports Market; Altcoins Mixed
Bitcoin (BTC) held steady around $111,600 on Friday, showing relative strength even as broader macro pressures weighed on risk assets. Ether (ETH) slipped 0.7% to $4,330, Solana (SOL) rose 1.3% to over $204, and XRP (XRP) hovered near $2.81, flat on the day but up 3.5% over the week.
Market focus remains on the U.S. jobs report, expected to show a modest rise in unemployment, which would reinforce bets on a September Federal Reserve rate cut. However, traders do not anticipate an extended easing cycle.
“While higher unemployment points to a mid-September rate cut, additional reductions later in the year are likely to be limited,” said Jeff Mei, COO of BTSE. “The Fed is wary of injecting too much liquidity, which explains gold’s strength even as cryptocurrencies and equities soften.”
Gold reached fresh highs above $3,500 this week, reinforcing its status as a hedge against currency debasement and market volatility.
“Bitcoin is no longer just a speculative asset,” said Vikrant Sharma, CEO of Cake Wallet. “With a $100K-plus floor, it increasingly functions like a global reserve asset, offering strategic value alongside traditional stores of wealth.”
BTC dominance remains around 60%, helping to stabilize sentiment amid altcoin fluctuations. Nassar Achkar, Chief Strategy Officer at CoinW, noted, “Institutional adoption via ETFs and ongoing Fed rate expectations provide strong fundamental support, though near-term price swings remain likely.”
As September unfolds, historically a weaker month for crypto, traders continue to watch macro indicators and labor data for guidance.
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