Bitcoin rose 0.4% to $95,837 on Wednesday, staying within a trading range of $90,000 to $100,000 established over the past two weeks. The world’s largest crypto had previously surged after Trump won the 2024 presidential elections but turned rangebound after failing to cross the $100,000 level.
As investors awaited cues on US monetary policy and Donald Trump’s administration for crypto, major altcoins performed better on the day. World number one altcoin Ether rose nearly 5% to $3,711.62, while XRP fell 0.4% to $2.55 after a stellar rally to six-year highs.
Reports suggested that Trump was planning to shift crypto regulation to the Commodity Futures Trading Commission from the Securities and Exchange Commission. However, traders doubted whether Trump would be able to deliver on all of his crypto promises, particularly the establishment of a Bitcoin national reserve.
The US government also made headlines by transferring approximately $33.6 million in cryptocurrency from assets seized from FTX to two unidentified addresses. Meanwhile, Federal Reserve Chair Jerome Powell is set to speak later on Wednesday, while key nonfarm payrolls data is due on Friday, with caution remaining ahead of more cues on U.S. interest rates.
Source: https://www.investing.com/news/cryptocurrency-news/bitcoin-price-today-steady-at-96k-altcoin-rally-cools-before-more-cues-3752961