The cryptocurrency market is experiencing a strong rally today. Just yesterday, fears loomed that Bitcoin (BTC) might drop below $100,000, but now traders are eyeing new all-time highs. Bitcoin saw a sharp increase last night following the latest interest rate decision by the U.S. Federal Reserve. While the central bank’s move was expected, Fed Chair Jerome Powell’s press conference provided a bullish boost to the market.
Bitcoin Jumps Over 3% After Fed Announcement
Yesterday was a crucial day for financial markets as investors awaited the Federal Reserve’s decision on interest rates. Bitcoin traders woke up to BTC prices well above $102,000, offering some relief after the cryptocurrency briefly dipped to just above $100,000 the night before. Throughout the day, Bitcoin saw slight fluctuations but remained near $102,000.
At 8:00 PM EST, the Federal Reserve announced that interest rates would remain unchanged at 4.25% – 4.50%. Despite expectations aligning with this decision, Bitcoin initially dropped to around $91,500 following the news. However, Fed Chair Jerome Powell quickly reassured investors during his press conference, leading to a strong BTC rebound.
Powell maintained an optimistic tone regarding economic policy. While inflation remains somewhat elevated, the Fed expects it to gradually decline toward the desired 2% target. Additionally, the labor market remains strong, reducing the necessity for a rate cut.
Powell also addressed the crypto industry, giving banks the green light to offer cryptocurrency services. This follows last week’s reversal of the controversial SAB121 regulation, which previously restricted banking institutions from engaging with digital assets.
In response, Bitcoin surged past $104,000 in a matter of minutes. At the time of writing, BTC has climbed even higher, surpassing $105,000 and inching closer to the key resistance level of $108,000.
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Current Bitcoin Price and Market Performance
As per CoinMarketCap, Bitcoin is currently trading at $105,190 on OKX, while Dutch crypto exchange Bitvavo lists the BTC price at €101,025. Over the past 24 hours, BTC has gained 2.45%.
Altcoins Follow Bitcoin’s Lead, But Lag Behind
Altcoins are also benefiting from Powell’s statements, but they are struggling to keep pace with Bitcoin’s rapid gains.
- Ethereum (ETH): +1.32% in the last 24 hours
- Solana (SOL): +2.10%
- Cardano (ADA): +1.68%
- Ripple (XRP) & Dogecoin (DOGE): Both remain near yesterday’s levels
Among the top 100 cryptocurrencies, Onyxcoin (XCN) leads with a massive 30% surge. Hyperliquid (HYPE) and Ondo (ONDO) follow with gains of just over 10% each.
Bitcoin Rebound – Is Now the Perfect Time to Invest?
Bitcoin is recovering strongly and approaching its all-time high. Many analysts believe the correction is over, making this a key moment for potential investors. Bitvavo is offering all Dutch users an opportunity to start with a €10 free crypto bonus of their choice.
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