Bitcoin’s Value Fluctuates After Federal Reserve Remarks
Bitcoin experienced a significant price fluctuation following comments from US Federal Reserve Chair Jerome Powell, indicating a potential pause in rate cuts. Meanwhile, altcoins have seen some recovery from the previous day’s downturn, with Solana (SOL) surpassing the $130 mark and Ethereum (ETH) reaching $1,600 once more.
Bitcoin Stabilizes Following Recent Shakes
After several dips below the $80,000 threshold last week, Bitcoin has managed to stay above this level. By the end of the week, it had recovered and began an upward trajectory. Over the weekend and into Monday, Bitcoin’s price peaked at $86,000 but faced a setback, dropping to $83,000 on Tuesday. However, a bullish push later that day saw it regain over $3,000 in value, reaching a two-week high of $86,500 before sliding down to $83,000 again.
The price managed to bounce back to $85,500 on Wednesday, but remarks by Jerome Powell regarding tariffs and central bank policies led to a sharp $2,000 drop in minutes. Currently, Bitcoin is trading above $84,000, with its market capitalization hovering around $1.675 trillion and dominance just under 61%.
Solana and Mid-Cap Alts Show Remarkable Gains
Solana’s token has notably outperformed other major altcoins, gaining nearly 7% and now trading well above $130. Among mid-cap altcoins, HYPE has seen the most significant increase, up by almost 10% with a price nearing $16.5. Other cryptocurrencies like RNDR, BCH, and TON have also seen gains, alongside ETH, XRP, BNB, DOGE, AVAX, and LINK. On the other hand, TRX has experienced the largest drop among the major altcoins, losing almost 4% of its value.
The total cryptocurrency market capitalization has seen a rebound of over $30 billion since the previous day, now standing above $2.750 trillion.
Catch up with the latest moves in the #Bitcoin and #Altcoin markets as Bitcoin eyes the $85K mark again and Solana leads with a 7% jump. Stay updated with the dynamic world of cryptocurrencies. #CryptoNews #MarketUpdate
