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Bitcoin and ethereum rise as investors weigh upcoming Fed signals
Bitcoin opened up 0.8% on Aug. 24, and as of about 8:50 a.m. ET it traded near $79,106, with both coins posting their strongest weekend in some time.
Bitcoin and ethereum prices rose on Monday, Aug. 24, as traders looked for more Federal Reserve signals this week, according to Yahoo Finance.
Bitcoin opened at $77,727.62, up 0.8% from Sunday’s opening level, and moved higher to $79,106.77 as of 8:50 a.m. ET, while ethereum opened at $2,463.09, up 1.6%, and rose to $2,507.22 by 8:53 a.m. ET.
The report also cited CoinShares research head James Butterfill, who described the move as driven by macro conditions rather than crypto-specific factors, pointing to softer inflation and weaker payrolls that have reduced expectations for additional Fed tightening.
Butterfill said the market may hold within a range, with $80,000 described as an important upper boundary for bitcoin, and noted that large holders, or whales, have stopped selling and begun accumulating again, though not enough to suggest an immediate sustained breakout over the next 12 months.
Latest closeBitcoin $79,240.91 ▲1.9%|Ethereum $2,516.38 ▲2.1%