Synopsis
Bitcoin surged above $105,000 after the US Federal Reserve kept interest rates steady, signaling a wait-and-see approach regarding monetary changes. Ethereum rose to $3,187, while major altcoins also saw gains. Tesla reported $600 million in unrealized Bitcoin gains, further boosting market confidence. The global crypto market cap rose 2.7%, reaching $3.56 trillion.
Bitcoin, the world’s largest cryptocurrency by market cap, surged above $105,000 on Thursday after the US Federal Reserve kept rates steady and provided limited guidance on further reductions in borrowing costs this year.
At 10:57 am IST, Bitcoin was up 3.1%, trading at $105,336, while Ethereum rose 2%, reaching $3,187.
“There would be no rush to cut rates again until inflation and jobs data made it appropriate,” said Fed Chair Jerome Powell.
Crypto Tracker
TOP COIN SETSBTC 50 :: ETH 50-1.28% BuyCrypto Blue Chip – 5-1.34% BuySmart Contract Tracker-3.08% BuyWeb3 Tracker-3.27% BuyNFT & Metaverse Tracker-13.58% BuyTOP COINS (₹) Solana20,797 (3.92%)BuyBitcoin9,131,863 (3.15%)BuyEthereum276,809 (2.16%)BuyXRP270 (0.21%)BuyTether87 (0.15%)BuyPowell also noted that Fed officials are awaiting the impact of Trump’s policies on inflation and economic activity. Markets now expect the Fed to reduce interest rates by only about 50 basis points by the end of the year.
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View Details »“Bitcoin is holding steady above $105,000 after the Fed kept the interest rates unchanged at 4.25%—4.5%. This move signals a wait-and-watch approach from the Feds to gauge the impact of any monetary changes by Trump in the coming weeks. Despite the hawkish remarks, markets viewed this as a bullish sign, as stable interest rates suggest that economic conditions are stable enough to avoid aggressive tightening,” said Edul Patel, cofounder-CEO of Mudrex.
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“BTC’s next resistance stands at $106,500 with support moving up to $101,100,” Edul added.
Meanwhile, Tesla’s Q4 earnings report showed no Bitcoin sales and revealed $600 million in unrealized gains from its Bitcoin position, boosting market confidence, according to CoinSwitch Markets Desk.
Major altcoins also saw gains, including Solana (4.5%), Dogecoin (1.5%), Cardano (2.2%), Tron (1.3%), Avalanche (2%), Chainlink (5%), Hedera (4.5%), Sui (6.9%), and Litecoin (10.6%).
The global cryptocurrency market capitalization rose 2.7% over the past 24 hours to approximately $3.56 trillion. Stablecoins now account for 90.82% of the total 24-hour crypto market volume, at $116.15 billion.
Bitcoin’s market cap surged to $2.087 trillion, and its 24-hour volume increased by 22% to $52.41 billion.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
