If you mean you're waiting with great nervousness or trepidation for news, please write the word "bated." It's a cousin of the word "abated," which means "lessened. " So "bated breath" means that you have less breath; you're holding your breath with anxiety or tension.
In this context, if you write "baited breath," I'm going to assume you have a worm on your tongue. And wonder why.
Obviously, this word pair isn't a problem in speaking, since the two words are pronounced the same way, but in writing, getting it wrong can make you look not so smart.
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