US Fed Financial News

US Fed chair Jerome Powell's vow to push interest rates to higher spooked traders. However, after dropping below $20,000, its key support and psychological level, Bitcoin flexed its muscles to rise more than 3 per cent to regain the $20,500 mark. Ethereum rose about 10 per cent to race past the $1,600 mark and recover all the weekly losses. The second-largest crypto token has been in the news over the blockchain’s ambitious software upgrade — 'The Merge.' The green days must be taken with a pinch of salt, warned Sathvik Vishwanath, Co-Founder and CEO, Unocoin. «The next couple of days are expected to be slang higher.»

Bitcoin hit a new all-time high of $108,250 and other major coins such as Ethereum, XRP and BNB have traded near all-time highs fueled by the anticipation of a 25 basis points rate cut by the Fed. Since the time BTC hit an all-time high, the market dynamics have changed quite a bit, taking the crypto market cap down to $3.2 trillion. Despite the dip, key developments in the establishment of Bitcoin reserve, Ripple stable coin and others are keeping the market sentiment strong with buying interest emerging at the lower levels. As we move to the last week of the year, let's take a look at how the previous week changed the crypto dynamics.

Donald Trump's historic US presidential election victory and the Federal Reserve's 25 basis point interest rate cut. The largest cryptocurrency by market value reached $76,943 in early trade on Friday, surpassing its previous high of $76,460. As of 11:46 am IST, Bitcoin was trading 1.9% higher at $76,043, while Ethereum rose 3.5% to $2,922.

Cryptocurrency markets traded marginally lower on Tuesday, dragged by Bitcoin, Ethereum, and Shiba Inu. At 1:18 PM, Bitcoin (BTC) was trading 0.4% lower at $68,766 while Ethereum declined 1.4% to $3,761. Bitcoin touched a high of $70,230 earlier in the day.

Bitcoin declined on Thursday after the US Federal Reserve decided to maintain interest rates unchanged and its indication that rate cuts might be delayed. Additionally, Bitcoin's downward movement was influenced by a mixed launch of investment products tracking the world's top cryptocurrency and rival ether in Hong Kong.

Bitcoin has shown resilience, rebounding to the $67,000 mark after the Federal Reserve's decision to maintain key interest rates for the fifth consecutive meeting. However, this upward trajectory was short-lived as Bitcoin promptly retreated to the $65,000 level, spurred by a strengthening US dollar possibly catalyzed by the Swiss Central Bank's decision to reduce interest rates by 25 basis points. Additionally, the outflows on Bitcoin spot ETFs especially from Grayscale’s GBTC rose contributing to the downward trend. Despite these temporary setbacks, Bitcoin has managed to sustain itself above the critical $60,000 threshold, showcasing impressive growth of 26% over the past month and a staggering 133% over the past year. The next support level would be around $64,000, with resistance expected at $67,300. Concurrently, Ethereum hovers around the $3,500 mark, with bullish sentiments aiming to reclaim levels above $3,600, potentially triggering an upward trend.

Bitcoin rose back to a more than 17-month high amid hopes the Federal Reserve is done with interest-rate hikes and expectations that a fresh source of demand is brewing in the exchange-traded fund industry. The largest digital token added 4% in the past 24 hours and traded at $35,840 as of 10:53 a.m. in Singapore on Thursday. Some smaller coins climbed, including the Solana network’s SOL token, which is up 142% to $42 since mid-September. Bitcoin has more than doubled this year in part on bets that the Securities and Exchange Commission may approve applications from the likes of BlackRock Inc. to start the first US ETFs investing directly in the token.

SVB). The collapse of these banks caused widespread concern in financial markets as industry experts still assess the impact on the crypto ecosystem. That said, the banks failed because of their risk-hedging practices rather than their association with crypto. The support from the US Fed has meant that the markets expect them to pivot sooner (i.e., stop increasing interest rates). Bitcoin (BTC) has rallied well this week because of this expectation. We believe there are two important aspects that need to be examined in this context — provision of good banking services to crypto entities and the importance of decentralised finance (DeFi).Banking is a right for compliant platformsSVB was one of the primary lenders for unicorns, startups, and tech companies. Reliable reports suggested that it held $5 billion-worth of assets of prominent crypto firms.

Major cryptocurrencies traded in the red early on June 17 as the global crypto market cap increased 6.88 per cent to $893.36 billion over the last day. Total crypto market volume dropped to $75.88 billion. The total volume in DeFi stood at $6.24 billion, 8.23% of the total crypto volume in the last 24 hours. The volume of all stable coins was $65.58 billion, which is 86.42 per cent of the total crypto market's 24 hour volume, according to CoinMarketCap. The price of Bitcoin hovered over Rs 17 lakh, down nearly 8 per cent with a dominance of 44.47 per cent. Read More[/body[/content]

Meta (erstwhile Facebook) reported better-than-expected earnings in the March quarter. The company reported a revenue of $27.91 billion, with an EPS of $2.72. The company had 2.94 billion active users on a monthly basis, with an average revenue per user (ARPU) of $9.54. However, its recently created Facebook Reality Labs (FRL), the metaverse division, reported a first quarterly loss of $2.96 billion. The company had announced its earnings earlier this week.

crypto industry is awaiting the outcome of the Fed's two-day policy meeting, which will be released on Wednesday. The hawkish stance from the Fed and signals of four rate hikes in 2022 has spooked the global markets lately. With a sharp correction in global equity markets, particularly in tech stocks, the crypto cart followed the carnage and eroded wealth worth $1 trillion from the global crypto market cap. However, the crypto traders are showing some signs of recovery, but the volumes have remained muted as the traders are eyeing Fed's commentary on the issue.

equities to cryptocurrencies. Bitcoin became the latest to fall victim to intense bout of selling pressure as the cryptocurrency fell by as much as $10,000 in an hour to close $42,000 earlier on Saturday.