Bitcoin rose slightly on Wednesday after hitting a seven-week low in the previous session, as risk appetite remained weak following U.S. President Donald Trump's attempt to dismiss Federal Reserve Governor Lisa Cook, which heightened concerns about the central bank's independence.
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As of 09:32 AM Saudi time, the largest cryptocurrency in the world rose by 1.2% to $111,272.4.
And $ETH
It had dropped to a seven-week low of below $109,000 due to a large whale deal, with reports showing the liquidation of 24,000 tokens.
Bitcoin is now down more than 10% from a record high it hit in August above $124,000, wiping out much of the rally built on bets that the Federal Reserve would soon shift to rate cuts.
Concerns about Federal Reserve independence dampen risk appetite.
Trump announced on Tuesday that he had fired Cook, effective immediately, due to allegations of mortgage fraud, accusing her of misrepresenting the ownership status of a home in 2021 loan documents.
The allegations, which the Federal Housing Finance Agency referred to the Department of Justice, are denied by Cook, who stated that her dismissal was unlawful.
Cook's attorney, Abbe Lowell, announced plans to sue the administration, arguing that the dismissal lacked legal grounds and violated the Federal Reserve Act, which states that governors can only be removed "for cause."
Markets are now reassessing interest rate paths, with an increased likelihood of near-term rate cuts, even as long-term uncertainty persists regarding institutional independence and legal challenges.
Trump Media & Technology Group and Crypto.com launch a cryptocurrency treasury company.
Trump Media & Technology Group (NASDAQ:DJT) and Crypto.com announced on Tuesday that they would launch a SPAC-backed cryptocurrency treasury company aimed at accumulating Cronos (CRO) tokens, according to the company's filings and announcements.
The new project, named Trump Media Group CRO Strategy, is being structured as a merger with Yorkville Acquisition Corp, and will be listed on NASDAQ.
The initial funding plans reportedly include $1 billion in CRO tokens, $200 million in cash, $220 million in guarantees, and a $5 billion credit line from a Yorkville subsidiary.
As part of the project, Trump Media intends to purchase nearly $105 million worth of CRO tokens, while Crypto.com will invest in Trump Media shares.
After the announcement, the price of the CRO token surged significantly, and Trump Media's shares jumped.
Cryptocurrency prices today: Most altcoins are rising, Cardano jumps.
Most altcoins rose on Wednesday after sharp declines in the previous session.
Ethereum, the second-largest cryptocurrency in the world, rose by 4.1% to $4,602.91, after reaching a record high of $4,955 earlier this week.
XRP, the third-largest cryptocurrency in the world, rose by 3.5% to $3.01.
Solana surged by 8.5%, while Cardano rose by 3.3%, and Polygon traded up by 4.1%.
Among meme tokens, Dogecoin jumped by 5.4%, while $TRUMP rose by 2.4%.
