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Fed's steady hand drives Bitcoin toward $100K; ETH, other altcoins surge
The crypto market was buzzing in trade after the US Federal Reserve's Jerome Powell announced to keep the interest rates steady at the range of 4.25 per cent and 4.50 per cent, while acknowledging continued economic strength. Market analysts believe this has reinforced positive market sentiment for cryptocurrencies.
Following the announcement, the flagship cryptocurrency Bitcoin reclaimed the $99,400 level, just 600 points shy of the $100,000 mark. It has, however, taken a slight retreat and was quoted trading at around $98,863.98, up by 2.63 per cent at 11:17 AM on Thursday, May 8.
The world's most popular cryptocurrency had a 24-hour trading volume of $50 billion. Bitcoin's market capitalisation stood at $1.96 trillion, the highest among all cryptocurrencies. The last 24-hour trading range for Bitcoin was between $95,829.33 and $99,406.51, according to data from CoinMarketCap.
Bullish momentum may push Bitcoin beyond $100,000
This bullish momentum, Piyush Walke – derivatives research analyst at Delta Exchange, said, is likely to sustain as investors are increasingly viewing Bitcoin as a store of value rather than merely a speculative asset. The next key level to watch is the $100,000 mark, which Walke believes also serves as a major psychological resistance—potentially triggering some minor selling pressure.
"The Federal Reserve's decision not to cut interest rates signals a continued focus on controlling inflation, reinforcing a tight monetary policy stance. Bitcoin responded positively to the announcement, rallying by approximately 2,000 points. Meanwhile, cumulative inflows into Bitcoin ETFs have reached a new all-time high of $40.62 billion, highlighting a sharp rise in institutional participation and further validating Bitcoin's role as a mainstream investment vehicle," said Walke.
Echoing similar views, Edul Patel, co-founder and CEO of Mudrex, also said that the US Fed's decision to keep benchmark interest rates steady, while acknowledging continued economic strength, has reinforced positive market sentiment.
Meanwhile, China's liquidity-boosting measures and the Fed's return to quantitative easing, with over $34 billion in bond purchases this week, have created a supportive macro backdrop for crypto. "Any fresh wave of liquidity could reduce real yields, devalue fiat, and potentially drive further inflows into crypto assets," said Patel.
A move past $99,300, Patel believes, could trigger a wave of short liquidations, helping Bitcoin's rally beyond the $100K mark.
Altcoins benefit from positive market sentiment
Sentiments were favorable among other cryptocurrencies as well. Ethereum (ETH), the world's second-largest cryptocurrency by market capitalization, was trading higher by 3.96 per cent at $1,899.90. It has traded in the range of $1,788.69 - $1,913.43 in the last 24 hours. Ethereum is nearly 61 per cent lower from its all-time high of $4,891.70, reached on 16, 2021.
Among other popular altcoins, Solana (SOL) was leading the charge with gains of 3.31 per cent, followed by Cardano (ADA) up 3.81 per cent, Ripple (XRP) up 2.05 per cent, and Binance Coin (BNB) up 0.94 per cent. Meanwhile, the US dollar-linked stablecoin Tether was trading at $1, up 0.01 per cent.
Bitcoin (BTC), Mog Coin (MOG), Ethereum (ETH), EOS (EOS), Solana (SOL), and Bitcoin Cash (BCH) were among the top trending crypto coins on CoinMarketCap.
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