Bitcoin Steady at $114K; Ether Gains on Market Optimism
Bitcoin steady at $114,373 amid trade fears; broader crypto sees modest gains.
US payrolls miss fuels rate cut bets; crypto muted amid tariff concerns.
Ether jumps 3.4% to 3,656 after 425M raise; altcoins and memecoins also gain.
Bitcoin Remains Flat Amid Trade and Economic Uncertainties
Bitcoin showed little movement on Tuesday, staying mostly rangebound as concerns over U.S. trade tariffs and slowing economic growth kept investors cautious toward riskier assets. By 00:57 ET (04:57 GMT), Bitcoin was steady at $114,373.5, struggling to gain traction since its mid-July record high.
This stagnation also impacted the broader cryptocurrency market, which experienced only modest gains despite a strong session on Wall Street overnight.
Last week, crypto markets faced sharp declines amid a drop in risk appetite, leading to profit-taking. Even corporate purchases from firms like Metaplanet and Strategy failed to boost Bitcoin’s performance.
Economic Data Weighs on Market Sentiment
Market participants remained subdued as concerns deepened over the U.S. economy's health, particularly following weaker-than-expected nonfarm payrolls data for July and significant downward revisions to prior months. Although this data heightened speculation around a potential Federal Reserve interest rate cut in September, it offered little positivity for cryptocurrencies.
Additionally, uncertainty surrounding the economic consequences of impending trade tariffs imposed by President Donald Trump continued to restrain risk-taking behavior. As a result, cryptocurrencies largely missed out on Wall Street’s overnight rebound.
Ether Surges Following Major Corporate Investment
In contrast to Bitcoin’s muted performance, Ether outperformed with a 3.4% gain, reaching $3,656.14 after 180 Life Sciences Corp (NASDAQ:ATNF) announced it had raised 425 million through a private placement aimed at building an Ether treasury. The company plans to allocate the funds primarily towards purchasing Ether, mirroring strategies used by leading Bitcoin corporate holders like Strategy. 180 Life Sciences also revealed plans to rebrand as ETHZilla Corp and may seek an additional 150 million in funding.
Other altcoins experienced gains as well:
XRP increased by 1.7%;
Cardano rose 1.8%
Solana rose 3.7%
Among memecoins, Dogecoin climbed 2.7%, and $TRUMP gained 0.4%.
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