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By Helene Braun|Edited by Stephen Alpher
Aug 12, 2025, 9:12 p.m.
- Altcoins rallied further late in Tuesday afternoon U.S. action after dovish comments from Treasury Secretary Scott Bessent
- Ether topped $4,600 for the first time in nearly five years, now higher by more than 50% in a month alongside continuing bullish technical signals.
- Cardano, Solana, XRP, Avalanche and Litecoin all logged strong daily gains, while Bitcoin traded only modestly higher at $120,000.
Altcoins added to their rally during late Tuesday U.S. afternoon hours after Treasury Secretary Scott Bessent suggested the Federal Reserve should consider a 50 basis point rate cut at its upcoming September meeting.
“The real thing now to think about is should we get a 50 basis-point rate cut in September,” Bessent told Fox News. Bessent added that the Fed could have cut rates in June if it had been given accurate data, which he described as a “foundational issue” at the central bank.
STORY CONTINUES BELOW
Markets had already about fully priced in a 25 basis point move in September, but the idea of 50 basis points appeared to juice things further.
To be sure, Bessent is Treasury Secretary and not a member of the Federal Reserve, let alone its chairman. Bessent, however, has been tasked by President Trump with selecting a replacement for Fed Chair Powell, so his words surely carry some weight.
Already higher on the day, ether jumped further, now higher by nearly 9% over the past 24 hours and above $4,600 for the first time since November 2021.
Other moves include cardano
, solana
and litecoin
, each ahead about 8% over the past 24 hours, while XRP
is up 3.5%.
Bitcoin
bulls stayed on the sidelines during today’s rally, which also lifted equity markets by more than 1%. The cryptocurrency is trading at $120,000, little changed over the past 24 hours. The dollar weakened against all major currencies.
The rally got started early on Tuesday morning after new data showed consumer prices rising roughly in line with estimates in July.
Helene is a New York-based markets reporter at CoinDesk, covering the latest news from Wall Street, the rise of the spot bitcoin exchange-traded funds and updates on crypto markets. She is a graduate of New York University’s business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
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By Helene Braun, AI Boost|Edited by Sheldon Reback
48 minutes ago
The BETF fund, custodied by BitGo, will give investors in central Asia regulated, physically backed access to bitcoin through the Astana International Exchange.
What to know:
- BETF is the first spot bitcoin ETF in central Asia and is listed on the Astana International Exchange under the ticker BETF.
- The ETF starts trading Aug. 13.
- Each share of BETF is physically backed by bitcoin, with custody provided by BitGo Trust and insured for up to $250 million.
