In early trading on Thursday, Bitcoin prices rose 0.5% to $92,232.14 at the time of writing, according to CoinMarketCap data, while Ethereum dipped 2% to $3,032.62.
- On Wednesday, the minutes of the Federal Open Market Committee meeting showed that several policymakers were in the hawkish camp, which has advocated pausing interest rate cuts.
- Investors are now eyeing the long-delayed September nonfarm payrolls due later on Thursday after the federal government shutdown prevented the release of new data.
- Bitwise Asset Management has confirmed that its Bitwise XRP ETF will launch on the New York Stock Exchange under the ticker “XRP.”
Bitcoin prices edged higher on Thursday, ahead of the release of key employment figures, as minutes of the Federal Reserve’s last meeting showed top officials expressing concerns over an uptick in inflation.
In early trading on Thursday, Bitcoin prices rose 0.5% to $92,232.14 at the time of writing, according to CoinMarketCap data, while Ethereum dipped 2% to $3,032.62 and BNB was down 2.6% to $906.15. Among other tokens, Solana gained 2%, and Dogecoin fell 0.7%.
Fed Minutes Add To Rate Cut Worries
The recent declines in cryptocurrency markets have followed rising investor concerns that the U.S. Federal Reserve might not lower interest rates at its next policymakers’ meeting on December 9-10, as Fed officials remain cautious about a spike in inflation.
On Wednesday, the minutes of the Federal Open Market Committee meeting showed that several policymakers were in the hawkish camp, which has advocated pausing interest rate cuts. “Most participants noted that, against a backdrop of elevated inflation readings and a very gradual cooling of labor market conditions, further policy rate reductions could add to the risk of higher inflation becoming entrenched, or could be misinterpreted as implying a lack of policymaker commitment to the 2% inflation objective,” the minutes said.
Investors are now eyeing the long-delayed September nonfarm payrolls due later on Thursday after the federal government shutdown prevented the release of new data. The Bureau of Labor Statistics has indicated that the November payroll data might not be released in time for Fed officials before the meeting. “This gives the Federal Reserve an out to skip a rate cut, due to the ‘fog as described by Chair Powell,” ING Commodities analysts said.
What Are Stocktwits Users Saying?
Retail sentiment on Stocktwits about Bitcoin was in the ‘bearish’ territory at the time of writing.
“Finally seeing signs of a reversal. Ideally, we keep the price above 92,3(00) for the hours to come,” a trader said.
Bitwise XRP ETF To Go Live
Bitwise Asset Management has confirmed that its Bitwise XRP ETF will launch on the New York Stock Exchange under the ticker “XRP.” The Bitwise XRP ETF is Bitwise’s second XRP-themed fund after the launch of its Bitwise Physical XRP ETP in Europe in 2022.
“In the new crypto-forward regulatory regime, XRP stands on an equal playing field with other digital assets. Now the market will have the opportunity to see what XRP can really do,” Bitwise Chief Investment Officer Matt Hougan said.
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