Bitcoin Pushes Near $66K As Powell Reaffirms Rate Cut
Virtual digital assets (VDA) were on the up move once again after the Federal Reserve Chairman Jerome Powell reassured of interest rate cut later this year. The remarks issued ahead of his congressional testimony helped boost prospects of risky assets.
Bitcoin (BTC), the largest cryptocurrency by market capitalisation, was near $66,000 mark, after witnessing a wild swing during the record setting previous session. It briefly scaled a new all-time high of $69,200 and plunged more than 10%.
BTC was recently trading at $65,856 level, up 3.6%.
Several factors influence Bitcoin’s price movements, including institutional adoption, macroeconomic trends, regulatory developments, and investor sentiment.
Fed chief reaffirming rate cut later this year through careful approach is certainly helping to lift investor sentiment.
Although, Bitcoin will have to contend with intermittent selling bouts, but the gravity of institutional buying activity should help the grand old cryptocurrency to aim for higher moves.
Analysts said that bitcoin successfully retesting support area and the ongoing consolidation phase, would set it marching towards new high.
The optimism is spreading across broader markets. Other large tokens such as ether (ETH) and solana (SOL), Cardano’s (ADA), dogecoin (DOGE) and shiba inu (SHIB) etc have also suffered a price correction.
Ethereum (ETH), the second-largest crypto asset, has surpassed $3,800 mark. It recently exchanged hands at $3,807 adding 7.5% over the last 24-hours.
Other large tokens such as Binance’s BNB, Solana’s native token (SOL), Caradano (ADA), Ripple’s XRP and meme coins such as Dogecoin, SHIB, etc continue to sizzle.
The global crypto market cap increased 4.4% to $2.49 trillion in the last 24 hours. On the other hand, the total crypto market volume fell 31.8% to $178.2 billion. Total volume in DeFi is currently $13 billion, and all stablecoins are $164.6 billion, representing 7.3% and 92.3%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 51.96%, down 0.67% over the day.
The IC15 index, the barometer of the top fifteen tokens, gained 4% to 85,005.
Meanwhile, Barry Silbert’s Digital Currency Group (DCG), the owner of bankrupt cryptocurrency lending operation Genesis Global Capital, has filed a motion to dismiss New York Attorney General Letitia James’ lawsuit against the firms.
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