Bitcoin Extends Gains, Tops $112,000 as Fed Decision Looms
In Asia, markets closed lower: Shanghai -1.16%, Hong Kong’s Hang Seng -0.60%, and Japan’s Nikkei 225 -0.82%.
Quick overview
- Cryptocurrencies saw a broad increase on September 3, with Bitcoin rising 1.4% to over $112,000.
- Ethereum gained 4% to approximately $4,470, while altcoins like Solana and Dogecoin also experienced positive momentum.
- Despite the recent gains, Bitcoin remains about 10% below its mid-August record high, and market attention is shifting to the upcoming Federal Reserve policy meeting.
- Traditional markets showed mixed results, with Wall Street improving after a favorable court ruling for Google, while Asian markets closed lower.
Cryptocurrencies traded broadly higher on Wednesday, September 3, with Bitcoin (BTC) climbing 1.4% in the past 24 hours to surpass $112,000 on Binance.
Ethereum (ETH) advanced 4% to around $4,470, while altcoins also showed positive momentum, led by Solana (+4.9%), Dogecoin (+4.1%) and XRP (+2.3%).
Despite the recent rebound, Bitcoin remains about 10% below its mid-August record high. Over the past week, BTC is still down 0.5%, while ETH has lost 2.8%.
Market Looks to the Fed
September has historically been a weak month for Bitcoin, but attention is now turning to the Federal Reserve’s upcoming policy meeting on September 17. Market consensus points to a rate cut, which could boost appetite for risk assets such as cryptocurrencies.
This Friday’s U.S. nonfarm payrolls report for August will be key, following a weak July reading that the Fed cited as a reason to reconsider its monetary stance.
Traditional Markets
Wall Street traded higher after a rough start to the week driven by uncertainty over the legality of Donald Trump’s tariffs. A favorable court ruling for Google and Apple helped improve sentiment.
In Asia, markets closed lower: Shanghai -1.16%, Hong Kong’s Hang Seng -0.60%, and Japan’s Nikkei 225 -0.82%. In Europe, equities posted gains, with the Euro Stoxx 50 up 0.67%, Germany’s DAX +0.47%, France’s CAC +0.86%, and the UK’s FTSE +0.46%.
The shift in sentiment appears to stem from a court ruling in favor of Alphabet, Google’s parent company. A federal judge spared the firm from a forced breakup in an antitrust case over its Chrome browser.
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