Bitcoin approaches $100K following steady interest rates by Fed, while altcoins surge. ETH up 3.96%, overall positive market sentiment drives crypto trading.
The cryptocurrency landscape is fortunate to be experiencing significant activity following remarks from US Federal Reserve’s Jerome Powell, who decided to maintain interest rates in the 4.25 to 4.50 per cent range. The Fed’s affirmation of economic strength seems to have shed a favourable light on digital currencies, encouraging market optimism all around.
Bitcoin, the flagship cryptocurrency, managed to climb back up to nearly the $100,000 milestone, reaching $99,400 before taking a slight step back. As of 11:17 AM on May 8, it was trading at approximately $98,863.98 – a 2.63 per cent increase. Remarkably, Bitcoin reported a staggering 24-hour trading volume of $50 billion, securing its place as the leading cryptocurrency with a total market capitalisation of $1.96 trillion.
Piyush Walke, a derivatives research analyst at Delta Exchange, emphasised that the continuing bullish conditions could propel Bitcoin past the $100,000 mark soon. Investors increasingly view Bitcoin as a reliable store of value instead of merely a speculative asset—a trend that analysts find significant. At this point, the $100,000 threshold presents both an intriguing challenge and a psychological barrier that could spur a bit of selling.
“The Fed’s choice to keep interest rates steady robustly communicates its commitment to controlling inflation, which bolstered Bitcoin’s surge,
