Bitcoin and Ethereum Stabilize Amid U.S. Government Shutdown
- Bitcoin is trading at $112,127, up about 1% in the past day, while Ethereum is at $4,094, gaining 3.6%.
- The U.S. government shutdown has delayed the September CPI report to October 24.
- Fed Chair Jerome Powell stated that there is sufficient data to proceed with planned rate cuts by year-end.
- Gold prices have surged above $4,200 per ounce due to macroeconomic factors.
- The CME FedWatch Tool indicates a high probability of a rate cut this month and another in December.
Bitcoin and Ethereum have stabilized amid ongoing U.S. government shutdowns impacting economic data releases like the CPI report, now set for October end. Despite these delays, the Federal Reserve plans to proceed with rate cuts by year-end as indicated by Chair Powell.
With Bitcoin trading at $112,127 and Ethereum at $4,094, both cryptocurrencies are showing resilience despite macroeconomic uncertainties caused by the government shutdown and its impact on key economic indicators like the CPI report (Source )
