Bitcoin held steady on Wednesday, showing little movement after last week’s drop to a seven-month low. Investors remained cautious as they weighed rising expectations of a U.S. interest rate cut and monitored speculation surrounding a potential new Federal Reserve chair.
The world’s largest cryptocurrency traded 0.5% lower at $87,536.7 by 01:39 ET (06:39 GMT).
After falling below key support and briefly touching the $80,000 area, Bitcoin has since recovered slightly and is hovering near $88,000. Even so, price action remains limited, with traders showing restraint and overall risk appetite still muted.
Fed Cut Expectations Rise; Potential New Chair in Focus
Market confidence in a possible December rate cut has strengthened. A series of softer U.S. economic readings has boosted hopes that the Federal Reserve could begin lowering borrowing costs soon.
At the same time, reports suggesting that Kevin Hassett — a close adviser to President Trump — may replace the current Fed chair have added new momentum to market speculation. Hassett is viewed by many as supportive of deeper rate cuts if appointed.
Such a shift is widely seen as favorable for risk assets, including cryptocurrencies.
Despite this backdrop, crypto traders remain wary following Bitcoin’s recent decline. The sharp volatility has dampened confidence, with many participants waiting for clearer signals on monetary policy and market direction before making major moves.
CFTC Opens Nominations for New ‘CEO Innovation Council’
The Commodity Futures Trading Commission (CFTC) has begun accepting nominations for a planned “CEO Innovation Council,” part of Acting Chair Caroline D. Pham’s effort to expand U.S. oversight of digital-asset and cryptocurrency markets.
Announced on Tuesday, the council aims to offer industry-driven guidance on emerging regulatory topics, including tokenized collateral, stablecoins, and broader market structure issues.
Nominations must be submitted by December 8 and should include the nominee’s name, title, affiliation, and key areas of expertise.
Pham emphasized that the initiative is essential to “hit the ground running” as the agency moves toward broader digital-asset regulation.
Crypto Prices Today: Altcoins Remain Muted
Most major altcoins saw limited movement on Wednesday.
Ethereum, the second-largest cryptocurrency, inched up 0.4% to $2,934.92.
XRP, the third-largest by market cap, fell 2.2% to $2.19.
Solana posted a slight gain, while Cardano and Polygon traded mostly flat.
Among meme tokens, both Dogecoin and $TRUMP showed little change.
