Bitcoin edged up on Wednesday after steep losses in the previous session, hovering near seven-month lows, as traders remained cautious ahead of key U.S. jobs data and further signals on Federal Reserve policy.
The world’s largest cryptocurrency last traded 1.4% higher at $90,953.0 by 01:25 ET (06:25 GMT).
It briefly plunged below $90,000 on Tuesday, touching its weakest level since April. Bitcoin rebounded slightly toward $94,000 but was unable to hold gains as broader risk sentiment stayed fragile.
Fed rate caution persists; jobs data eyed The pullback reflected mounting uncertainty around the Fed’s interest-rate outlook. Several policymakers delivered hawkish remarks in recent days, emphasising that inflation progress remained uneven and suggesting there was limited room for further easing this year.
The shift has dampened expectations for a near-term rate cut, pressuring cryptocurrencies.
Market participants are now awaiting the long-delayed U.S. September jobs report, due on Thursday after last month’s government shutdown pushed back its release.
The data could help clarify the strength of the labour market and influence the Fed’s next steps, providing the next major directional cue for Bitcoin.
Adding to market uncertainty, U.S. President Donald Trump said he has decided on his preferred choice for the next Federal Reserve chair and may announce it soon.
While current chair Jerome Powell’s term runs through May 2026, speculation about a new nominee has unsettled investors concerned about central bank independence. Kraken valued at $20 bln in latest funding Crypto exchange Kraken said on Tuesday it raised $800 million in a dual-tranche funding round that values the company at $20 billion, up 33% in under two months.
The primary tranche was backed by institutional investors, including Jane Street, HSG, Oppenheimer Alternative Investment Management, and Tribe Capital, while a second $200 million investment came from Citadel Securities.
Kraken said the capital will help accelerate its mission to offer regulated financial products on-chain and expand its multi-asset platform into futures, equities, tokenized assets, and payments.
Crypto price today: altcoins subdued amid risk-off mood Most altcoins were also subdued on Wednesday, rangebound amid macro worries.
World no.2 crypto Ethereum rose 1% to $3,027.24
World no. 3 crypto XRP was largely muted at $2.13.
Solana gained 1.5% and Polygon rose 0.8%, while Cardano was largely unchanged.
Among meme tokens, both Dogecoin and $TRUMP rose slightly.
