OG coin rushed to higher grounds after the Fed
chief signalled two cuts to interest rates were still in the cards for
2025. Ether cracked $2,000.
$BTC Pops to $87,500
rallied
5% on Wednesday after crypto traders flocked to buy up the token on
elevated optimism coming from the Federal Reserve. The original
cryptocurrency powered to a session high of $86,000 and briefly extended
its pop to $87,500 Thursday morning.
But
momentum faded and the crypto was back under $86,000 a piece as trading
normalized and volatility settled. Still, Bitcoin hit a peak last seen
in early March — an indication that the bulls might be taking over?
💲 Powell-Powered Gains
The
upside swing was driven by Federal Reserve boss Jay Powell who struck
an upbeat note during his press conference. After the central bank
announced it’s holding interest rates where they are, the top
policymaker said his banking squad is weighing two cuts to borrowing costs this year.That’s
good news as they’ve maintained their previous projection despite
Donald Trump’s tariff hikes. Precisely because of this uncertainty,
Powell said, inflation might creep up and growth might slow down, hence
the trims might be needed.
🔎 Bitcoin Down 26% from Record
n all that, Bitcoin advanced thanks to the boost in risk
appetite from traders who believe that lower borrowing costs will inject
fresh liquidity into risk assets and drive the market forward. With
that pump factored in, the orange coin is about 26% under its record high of $109,000 hit in January.
$ETH the second-biggest coin, did even better yesterday, adding
6.5% to its valuation. Ether blasted through $2,000 to hit a ten-day
high after previously floating near $1,920 a pop.
