Crypto Price Today: Bitcoin rises above $42,700; Cardano jumps 17% after US Fed signals end of rate hikes

Fed Chair Jerome Powell said the Fed is aware of the risks of keeping rates higher for too long and lowering them too late, bolstering expectations of a rate cut in early 2024.

Major crypto tokens were trading higher in Thursday's trade after the US Federal Reserve flagged the end of its tightening cycle and bolstered expectations of a rate cut in March 2024.

The Fed acknowledged it is making real progress in easing inflation while maintaining a rate pause and adding that hikes were not the base case anymore.

Fed Chair Jerome Powell said the Fed is aware of the risks of keeping rates higher for too long and lowering them too late, bolstering expectations of a rate cut in early 2024.

Crypto Tracker
12.13%
12.08%
11.71%
11.26%
6.41%
(₹)
40,261 (10.0%)
12,376 (5.37%)
328,221 (5.1%)
5,599,006 (1.52%)
83 (0.26%)
At 11:11 a.m., BTC was trading 4.6% higher at $42,784, while the second most popular token, Ethereum, was up 4.2% at $2,259. At the same time, the global market cap advanced by 4.4% in the last 24 hours to approximately $1.6 trillion.

"Bitcoin swiftly rebounded to the $43,000 mark as the Federal Reserve maintained steady interest rates and hinted at potential rate cuts in the coming year," said Edul Patel, CEO of Mudrex.

The market also had a boost from the US Financial Accounting Standards Board (FASB), which announced new accounting regulations mandating companies like MicroStrategy, Tesla, and Block to assess their cryptocurrency holdings at fair value, Edul added.

Meanwhile, CoinDCX said, "Over the last 24 hours, the market displayed positive momentum as both BTC and ETH saw a rally of approximately 4%. This recovery could reflect the market's anticipation of the potential approval of a spot BTC exchange-traded fund (ETF) in January 2024, aligning with notable cash inflows from institutional investors."

Other popular altcoins, like Cardano, Solana, Polkadot and Avalanche, rallied 8-17%. Also, , , , Tron, Chainlink, Toncoin, and Shiba Inu surged.

The volume of all stablecoins is now $58.89 billion, which is 90.41% of the total crypto market 24-hour volume.

Bitcoin's dominance is currently 52.17%, according to CoinMarketCap. BTC volume in the last 24 hours fell 1% to $24.9 billion.

Tech view by Sathvik Vishwanath, Co-Founder & CEO, Unocoin

Bitcoin's resistance appears at $42,811, followed by $43,753 and a sturdy barrier at $44,838. Immediate support is $41,728, with safety nets of $40,744 and $39,797.

Technical signals show an RSI of 40, indicating a potential consolidation. The 50-day EMA at $42,119 indicates a preliminary bullish bias. Chart patterns show indecision near the pivot, with Doji candles indicating a potential upside move. Bitcoin's trend appears neutral with a cautious bullish bias above $42,000.

In the short term, it may challenge $42,811 with potential for higher levels under favorable market sentiment and macroeconomic factors such as Federal Reserve decisions.

(With inputs from agencies)

(You can now subscribe to our )

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)





Source: Cryptocurrency-Markets-Economic Times

Последние публикации
RWA Inc Announces $RWA Token Launch Across Major Exchanges on November 25, 2024
23.11.2024 - 22:00
'Rich Dad Poor Dad' Author: 'I'm Following Saylor's Tactical Bitcoin Investment Plan'
23.11.2024 - 15:00
EOS Climbs 16% In Bullish Trade
23.11.2024 - 04:00
SEC Boss Gensler Announces When He's Stepping Down, Crucial Bitcoin Buy Warning Issued by Samson Mow, Shiba Inu Could be on Verge on Breakout: Crypto News Digest by U.Today
22.11.2024 - 22:00
Pepeto’s $600K Presale Highlights Vision for Supporting Memecoins Ahead of 2025
22.11.2024 - 21:00
XRP on Verge of Bitcoin Golden Cross: Details
22.11.2024 - 20:00
Bitcoin (BTC) Hashrate Skyrockets to Historic High: Details
22.11.2024 - 20:00
Cardano (ADA) Targets $1: Bitcoin Could Make or Break It
22.11.2024 - 18:00
Extreme Greed Dominates Crypto Market
22.11.2024 - 17:00
Bitcoin up 500% Since Historic Crash Below $16,000 Two Years Ago
22.11.2024 - 16:00
Bitcoin price today: steadies at $97.5k after nearly hitting $100k milestone
22.11.2024 - 16:00
Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets
22.11.2024 - 16:00
Elon Musk’s Meme Alert Sparks Crypto Community’s Heated Reaction: Details
22.11.2024 - 16:00
Peter Schiff Reveals Who Pumped Bitcoin (BTC) to $99,180
22.11.2024 - 15:00
Paribu Announces Digital Asset Custody Service for Institutional Clients Worldwide
22.11.2024 - 14:00

© Analytic DC. All Rights Reserved.

new
Анализ рынка Как повлият завтра отчет NFP на курс доллара США?