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Crypto Prices Skyrocket Following Powell's Dovish Tone

Key Takeaways
  • US Federal Reserve Chair Powell reaffirms dovish stance, keeping key interest rates steady for the 5th consecutive meeting.
  • Bitcoin surpasses the $66,500 mark, with Ethereum stabilizing around $3,500.
  • Cryptocurrency market experiences an 8.50% increase, leading to a cumulative market capitalization of $2.65 trillion.
21-Mar-2024 By: Lokesh Gupta
Crypto Prices Skyroc

Crypto market surged 8.50%, hitting $2.65 Trillion valuation

  • The Federal Reserve (Fed) keeps interest rates within the 5.25% to 5.50% range, evaluating economic expansion and inflation.

  • The Fed forecasts a reduction in interest rates by 0.75 percentage points by the conclusion of 2024, aiming to achieve the 2% inflation objective.

Major Events To Watch

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Crypto Fear and Greed Index:

In the past 24 hours, the "Fear and Greed Index" surged by 4 points, hitting 78 out of 100, signaling an increase. Despite this, the prevailing sentiment in the market remains largely optimistic.

Latest Market Update: 

  • #Bitcoin resumes an upward trend after a brief dip. Early Thursday, trading around $66,000, showing steady growth.

  • Notable gains were observed among other popular Altcoins and Meme coins such as #Ethereum ($ETH), #Dogecoin ($DOGE), #Ripple ($XRP), #Solana ($SOL), and #Pepe ($PEPE) and #Shiba Inu ($SHIB).

  • The #ONDO token emerged as the top performer, experiencing a remarkable surge of over 48% within a span of 24 hours.

  • Total crypto market volume in the last 24 hours: $162.06B, marking a decrease of 10.22%.

  • DeFi's total volume stands at $13.32B, representing 8.22% of the total crypto market volume over 24 hours.

  • Volume of all stable coins now amounts to $145.7B, constituting 89.90% of the total crypto market volume in the past 24 hours.

  • Bitcoin's dominance is at 51.97%, showing a decrease of 0.27% within the day.

Major Worldwide News Update:

  • The Federal Reserve maintains interest rates at 5.25% to 5.50%, signaling cautious economic management amid elevated inflation. Despite holding rates, a 0.75% decrease is projected by 2024 to meet the 2% inflation target. Economic growth forecasts rise to 2.1%, with unemployment expected at 4%, showing a positive outlook despite inflation challenges.

  • The SEC delays the decision on VanEck's Ethereum ETF approval until May 23, 2024, reflecting regulatory caution in the cryptocurrency sphere. This postponement hints at challenges faced by firms seeking spot Ethereum ETF launches, amidst broader regulatory hesitancy. Despite regulatory scrutiny, Ethereum's price remains bullish at $3,500, showing resilience amid uncertainties.

  • Coinbase faces increased transaction fees on the Base Network due to Ethereum-based Layer-2 congestion, prompting pending status for some user transactions. Users advised to resubmit with updated gas fees or wait for congestion reduction. Despite recent outages affecting Bitcoin transactions, Coinbase CEO plans infrastructure investments to address demand challenges.

  • UK court convicts Jian Wen, a British national, of laundering massive Bitcoin sums linked to a $6 billion Chinese investment fraud. Investigation led to a 2018 raid seizing over £1.7 billion ($2.2 billion) worth of Bitcoin. The case underscores challenges in prosecuting cryptocurrency crimes and highlights the need for international cooperation.

  • Ethereum developers launch 'Pump the Gas' initiative to increase network's gas limit from 30 to 40 million, aiming to reduce transaction fees. Vitalik Buterin and others advocate for the change, citing scalability benefits. However, concerns arise over potential drawbacks including increased blockchain state size and network vulnerabilities.

  • BlackRock launches tokenized asset fund on Ethereum blockchain with Securitize Markets. The BlackRock USD Institutional Digital Liquidity Fund, represented by BUIDL token, offers daily yield distribution. BNY Mellon acts as custodian, with participation from BitGo, Anchorage Digital Bank NA, Coinbase, and Fireblocks. ETH price surges 12% backed by dovish Fed.

  • XRP token briefly surged to $74 on Atlantis Exchange due to a technical glitch, far exceeding its market value of $0.60. Similar incidents occurred previously, notably on Crypto.com. Analyst predicts XRP to hit new all-time high amidst anticipation of Bitcoin halving triggering market-wide effects.

COIN GABBAR Views: Is the correction over, signaling a bull run ahead? Can Bitcoin's price surge propel BTC to reach new highs again? To get latest news Stay tuned us at coingabbar

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.

Also Read: Crypto News, 19 March: Is the Crypto Market Bubble Bursting?

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