{"id":294484,"date":"2024-05-02T23:06:53","date_gmt":"2024-05-02T17:36:53","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=294484"},"modified":"2024-05-02T23:06:53","modified_gmt":"2024-05-02T17:36:53","slug":"crypto-markets-bounce-after-fed-leaves-interest-rates-unchanged-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/crypto-markets-bounce-after-fed-leaves-interest-rates-unchanged-crypto-news\/","title":{"rendered":"Crypto Markets Bounce After Fed Leaves Interest Rates Unchanged – Crypto News"},"content":{"rendered":"

<\/p>\n

Bitcoin and Ether are up 4% in the past 24 hours, while Solana has surged 12%.<\/p>\n

\n

Crypto markets rebounded on Thursday following the Fed\u2019s decision to hold rates steady.<\/p>\n

Bitcoin (BTC), the world\u2019s largest cryptocurrency, is trading at around $59,000, marking a 4% recovery in the past 24 hours. Ethereum (ETH) is up 3.8%, while Solana (SOL) has soared by 12%, according to CoinGecko data.<\/p>\n

Solana Price<\/figcaption><\/figure>\n

More than $100 million of short positions were liquidated in the past 24 hours, according to CoinGlass<\/a>.<\/p>\n

Fed Chair Jerome Powell told reporters during a press conference on Wednesday that achieving the 2% inflation target has been difficult. He also said that “it is unlikely that the next policy rate move will be a hike.\u201d<\/p>\n

Analysts<\/a> at cryptocurrency exchange Bitfinex say Bitcoin could trade sideways following the halving. “Consequently, we believe we could see a 1-2 month consolidation in Bitcoin prices, trading in a range with swings of $10,000 on either side,\u201d they said.<\/p>\n

Bitcoin ETFs bleed<\/h2>\n

Yesterday, U.S. spot Bitcoin ETFs saw net outflows of $563.7 million across 11 ETFs.<\/p>\n

This marks the largest single-day outflow since the ETFs commenced trading on January 11. Since April 24, investors have withdrawn nearly $1.2 billion from the ETFs, data from Farside shows<\/a>.<\/p>\n

Fidelity\u2019s FBTC led the pack with $191.1 million in withdrawals, followed closely by GBTC with $167.4 million. ARKB and IBIT saw outflows of $98.1 million and $36.9 million, respectively.<\/p>\n

Stock markets turn green<\/h2>\n

Stock futures advanced on Thursday as investors looked ahead to more corporate earnings and key labor data later in the week.<\/p>\n

Dow Jones Industrial Average futures marked a 0.45% increase, while S&P 500 futures climbed 0.7% and Nasdaq 100 futures increased by 1%.<\/p>\n

Investors will watch Thursday for economic data on weekly jobless claims, first-quarter worker productivity and unit labor costs, and March figures on the trade deficit and factory orders. Those releases all come ahead of Friday\u2019s April jobs report.<\/p>\n

Youwei Yang, Chief Economist at BIT Mining, in a note shared with The Defiant, said he noticed an initial bullish response due to what was perceived as dovish actions from the FOMC.<\/p>\n

Looking ahead, he expects \u201cthe next 3-4 months will be less bullish and more risk-oriented, with the market closely monitoring inflation, employment, and economic data for any unexpected shocks or to gain confidence about potential rate cuts.”<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin and Ether are up 4% in the past 24 hours, while Solana has surged 12%. Crypto markets rebounded on Thursday following the Fed\u2019s decision to hold rates steady. Bitcoin (BTC), the world\u2019s largest cryptocurrency, is trading at around $59,000, marking a 4% recovery in the past 24 hours. Ethereum (ETH) is up 3.8%, while […]<\/p>\n","protected":false},"author":2,"featured_media":294485,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-294484","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/294484","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=294484"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/294484\/revisions"}],"predecessor-version":[{"id":294487,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/294484\/revisions\/294487"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/294485"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=294484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=294484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=294484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}