Bitcoin Holds Near $77,270 and Ethereum Rises 2.6 Percent to $2,513 on September 12 as Market Stabilizes After Week-Long Slide

Bitcoin traded at $77,270 on September 12, up 0.6 percent over the prior 24 hours, while Ethereum rose 2.6 percent to $2,513, according to CoinGecko data recorded at 1:30 AM UTC. Bitcoin dominance remained strong at 56.8 percent of the total crypto market capitalization of $2.73 trillion, while Ethereum held 11.2 percent. The modest recovery follows a week-long decline that saw Bitcoin open at its lowest level in approximately two weeks on Friday September 11 at $76,536, down 2.2 percent from Thursday's opening price, as traders braced for a hawkish Federal Reserve ahead of the CPI print and next week's rate decision. Crypto prices remain under pressure from rising rate hike expectations, with 69.4 percent probability of a 25 basis point Fed increase on September 16 according to CME Group FedWatch as of Friday. Higher rates are a headwind for cryptocurrencies, which do not pay interest, and the ongoing Iran conflict has sent Brent crude futures up more than 16 percent over the past month and 8.43 percent in the last five days as of Friday morning, adding to inflation concerns. Bitcoin opened at $78,291 on Thursday September 10 before sliding to $77,942 as of 7:19 AM ET, marking its lowest opening level of the week, while Ethereum opened at $2,467 on Thursday, down 0.7 percent from Wednesday. Friday's CPI data came in line with expectations at 3.4 percent annually and 0.4 percent monthly, solidifying market bets for a Fed hike rather than alleviating them, though the subsequent oil price retreat and equity rally provided some relief for crypto markets entering the weekend.