Bitcoin Settles Above $100K As Jerome Powell Faces Pivotal Policy Decisions

Bitcoin (BTC) saw its price firmly stay above the significant $100,000 level, even surpassing $102,000 earlier this week. While most altcoins are showing slight declines, XRP and BNB have emerged as the top gainers. The market capitalization of BTC has also gone well past $2 trillion, with its dominance over altcoins slightly decreasing to 52.5%.

Seeking A New All-Time High
The beginning of the business week was challenging for Bitcoin, as its price dropped to around $94,400 on several occasions. However, it rebounded after reaching that support level the second time, climbing to $98,000 by Wednesday.

The upward momentum continued, with Bitcoin reclaiming the six-digit range by Thursday. Besides a few brief dips below that threshold, Bitcoin has largely remained above it. Moreover, the price surged to over $102,500 earlier today, marking a nine-day high. Though it has retraced slightly and is now just under $102,000, it remains up by 1.5% on the day.

XRP And BNB On The Rise
Most large-cap altcoins are experiencing modest gains today. Ethereum (ETH) has climbed back to $3,900 after a small 1% increase. Solana (SOL), Dogecoin (DOGE), Cardano (ADA), Avalanche (AVAX), and Shiba Inu (SHIB) have seen similar rises.

BNB has risen by 3% and is now trading above $725. XRP has notably outperformed the larger-cap coins, surging by 6%. It briefly reached $2.5 earlier today but has pulled back slightly. Other notable gainers include Chainlink, Stellar, and TRON. The total market capitalization of all cryptocurrencies remains above $3.8 trillion, following a 1% increase in the last 24 hours.

Other Markets

Federal Reserve Chairman Jerome Powell is facing pivotal policy decisions with all eyes on the upcoming Jackson Hole meeting, while global central banks wrap up a year of easing marked by significant rate cuts.

Meanwhile, in China, major cities like Shanghai are easing rules for homebuyers, with the housing regulator reporting signs of stabilization in the market. At the same time, U.S. heirs are set to inherit a staggering $105 trillion, with investors in Asia focusing on the strong dollar and political risks related to Donald Trump as they prepare for 2025.

In environmental news, the Enbridge pipeline continues its cleanup efforts after an oil spill in Wisconsin. Zambia, dealing with its financial challenges, paid $82 million to China as part of a debt restructuring deal. The 2019 St. Petersburg International Economic Forum saw the Russian billionaire forecast a reasonable exchange rate of 100-110 rubles to the dollar.

Lastly, as Trump returns to Washington, vital U.S. economic data faces threats, with federal agencies struggling under the pressure of shrinking budgets.