Bitcoin was up 1.3% to $115,434 over the past four hours at the time of writing, while Ether was up 2.5% to $4,521.29 and XRP advanced 1.9% to $3.05.
Major cryptocurrencies were on track to post weekly gains on Friday as investors prepared for a potential rate cut by the Federal Reserve.
Bitcoin was up 1.3% to $115,434 over the past 24 hours at the time of writing, while Ether was up 2.5% to $4,521.29 and XRP advanced 1.9% to $3.05. Among other tokens, Solana gained 7.1% to $237.77, and Dogecoin was up 4.6%.
After a tepid start to the month, digital tokens have seen a surge in investments as a growing number of companies are adding cryptocurrencies to their balance sheets. Industrial design services company Forward Industries unveiled plans, earlier this week, to raise $1.65 billion to set up a Solana treasury, backed by Galaxy Digital, Jump Crypto, and Multicoin Capital.
The total Bitcoin ETF inflows have already touched $1.70 billion for the week, the highest since July, and Ether ETF inflows stood at $232.4 million, according to SoSoValue data. “Bitcoin’s back in beast mode, smashing past US$114K as traders bet big on a Fed rate cut next week. Inflation’s steady at 2.9%, and crypto’s loving it,” BTC Markets analyst Rachael Lucas said.
Retail sentiment on Stocktwits for the iShares Bitcoin ETF remained in the ‘bearish’ territory at the time of writing.
The expectations of a rate cut rose after the Bureau of Labor Statistics’ data showed that U.S. consumer prices rose in line with expectations in August, amid increasing economic uncertainty due to President Donald Trump’s tariff war. The figures followed a downward revision of job growth estimates for the year through March, which showcased weakness in the labor market.
According to the CME Group’s FedWatch tool, an overwhelming majority of traders have priced in a 25-basis-point cut. Some analysts have predicted two more cuts of similar levels this year.
Dogecoin’s Week Of Glory
Among the top 10 cryptocurrencies by market capitalization, Dogecoin has made the most significant gains this week, aided by optimism around the launch of the first-ever Dogecoin ETF after a long delay. However, Eric Balchunas, senior ETF Analyst for Bloomberg, said on Thursday that the launch of the ETF will be delayed at least till next week.
Separately, CleanCore Solutions, a Nasdaq-listed firm, said it is setting up a Dogecoin treasury and will buy 1 billion Dogecoins over the next thirty days.
Retail sentiment on Stocktwits for Dogecoin was in the ‘bullish’ territory at the time of writing.
Among other events, the Gemini Space Station, the cryptocurrency exchange led by the Winklevoss twins, raised $425 million in its initial public offering. The company will debut at Nasdaq on Friday with the ticker “GEMI.”
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