Bitcoin Steadies Near $112K Amid Rate-Cut Hopes; Altcoins Mixed
Bitcoin (BTC) held near $111,600 on Friday, showing resilience despite macroeconomic concerns weighing on risk assets. Ether (ETH) slipped 0.7% to $4,330, while Solana (SOL) gained 1.3% to trade above $204. XRP (XRP) remained near $2.81, flat on the day but up 3.5% over the week.
Market attention is focused on the U.S. jobs report, expected to show rising unemployment and bolster bets on a September Federal Reserve rate cut. However, expectations for extended easing remain muted.
“Higher unemployment supports a mid-September rate cut, but further reductions this year will likely be limited,” said Jeff Mei, COO of BTSE. “The Fed is cautious about adding liquidity, which explains gold’s rally even as crypto and equities soften.”
Gold recently touched $3,500, reinforcing comparisons between bitcoin and traditional stores of value.
“Bitcoin has matured beyond speculation. With a $100K-plus floor, it increasingly resembles a global reserve asset,” said Vikrant Sharma, CEO of Cake Wallet.
BTC dominance remains near 60%, helping stabilize market sentiment despite swings in altcoins. Nassar Achkar, Chief Strategy Officer at CoinW, added, “Institutional adoption and potential Fed cuts support fundamentals, but near-term volatility remains a key risk.”
