Bitcoin steadies near $114K amid Fed rate cut hopes; Ethereum, Cardano, XRP jump up to 8%
As of 11:23 am IST, Bitcoin was trading at $114,345, up 0.7%, after briefly dipping to $111,800 over the weekend. Ethereum surged 2.6% to $3,533, while altcoins like Cardano, XRP, and Stellar posted notable gains—rising up to 8%.
The total global crypto market capitalisation rose by 1.23% to $3.71 trillion, according to CoinMarketCap.
XRP jumped over 5%, while Cardano gained 3% and Dogecoin added 2.4%. Stellar led the rally among mid-cap altcoins with an 8.6% gain. Other gainers included Chainlink (+3.6%), Hedera (+6%), and Sui (+2.4%).
'The rebound in Bitcoin and altcoins signals renewed confidence from both institutional and retail investors,' said Riya Sehgal, Research Analyst at Delta Exchange. 'Bitcoin's bounce from weekend lows and Ethereum's support at the 200 EMA show strong technical resilience. Markets are closely watching US CPI data and the Fed's next moves.'
The Fear & Greed Index currently stands at 52, indicating neutral sentiment. Bitcoin options data suggests a balanced market, with a 0.98 put/call ratio and implied volatility at 25%, reflecting a range-bound outlook for now.
Traders are betting on softer US monetary policy after July payroll data disappointed, with only 73,000 new jobs added. The unemployment rate edged up to 4.2%, and jobless claims reached a six-week high. These indicators have increased speculation around a potential rate cut by the Fed in its upcoming meetings.'Volatility in the past few days has led to recalibration rather than panic,' said Avinash Shekhar, Co-founder & CEO of Pi42. 'Bitcoin's quick rebound from $112K highlights strong support at that level. Ethereum's fundamentals remain strong, and accumulation continues across major wallets.'CoinSwitch Markets Desk added that the ETH/BTC pair appears to have bottomed for this cycle and could see a rally toward 0.05 BTC per ETH if momentum holds. 'BTC dominance remains a key factor—if it falls below the 60.5% mark, altcoins could continue outperforming,' the desk noted.However, some caution persists. Arthur Hayes, co-founder of BitMEX and a key figure in crypto derivatives, reportedly sold significant holdings anticipating a market correction linked to rising US tariffs and policy uncertainty.
'Bitcoin has tested lower support zones near $112,000 and is now holding above $114,000. Resistance is expected near $115,000 and $118,000,' said Vikram Subburaj, CEO of Giottus. 'With the odds of a rate cut improving, Bitcoin may attempt to breach these levels. Ethereum's strength suggests altcoins are preparing for the next leg of the rally.' With CPI data due on August 12 and US jobless claims on August 7, traders will closely track macro indicators for cues on future Fed policy and the broader trajectory of digital assets.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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