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Bitcoin traded flat on Thursday, with broader cryptocurrency markets also moving sideways as traders stayed cautious ahead of key U.S. labor market data and further signals on interest rates. Speculative assets, including digital tokens, faced muted demand as the dollar steadied and investors avoided risk.
Bitcoin was last seen at $110,632.20 by 01:56 ET (05:56 GMT), extending its consolidation well below the $120,000 mark after peaking at a record high above $124,000 in mid-August.
Trump-backed American Bitcoin goes public
American Bitcoin, a mining and treasury company backed by Donald Trump’s sons Eric and Donald Jr., made its Nasdaq debut on Wednesday through a merger with Gryphon Digital Mining (NASDAQ: ABTC), a subsidiary of Hut 8.
- The company plans to mine Bitcoin extensively and build a crypto treasury while leasing data centers from Hut 8.
- Shares surged 16.5% in their first trading day, with an additional 5% gain in after-hours trade, lifting the firm’s market value above $1.5 billion.
- The Trump family holds a 20% stake, with Hut 8 controlling the remaining 80%.
- This listing comes just days after the Trump family’s World Liberty Financial venture launched its $WLFI token, which slumped post-debut.
The Trump family’s growing crypto ventures have significantly boosted their wealth amid a supportive policy backdrop from the White House, though critics warn of potential conflicts of interest for President Trump.
Crypto price action – muted moves ahead of payrolls
The broader crypto market tracked Bitcoin’s consolidation, as traders waited for U.S. nonfarm payrolls data due Friday, a key test for expectations that the Federal Reserve will cut interest rates later this month.
- Ethereum (ETH) rose 1.6% to $4,378.21, rebounding from earlier losses.
- XRP edged higher by 0.3% to $2.8254.
- Solana (SOL) slipped 0.8%, while Cardano (ADA) lost 1.3%.
- Meme coins weakened, with Dogecoin (DOGE) down 0.4% and $TRUMP shedding 1%.
Outlook:
Bitcoin remains in consolidation mode, with resistance around $120,000 capping gains. Friday’s payrolls report will likely dictate near-term direction, as signs of a cooling labor market could reinforce bets on Fed easing and reignite demand for crypto.
