Bitcoin Surges Above $85,600 Amid Fed Optimism; XRP and Solana Follow
Cryptocurrency markets surged today following the Federal Reserve’s decision to hold interest rates, with Bitcoin rising to $85,659 and Ethereum to $2,020. XRP and Solana also saw significant increases. The SEC’s dismissal of its case against Ripple Labs further enhanced market optimism, contributing to XRP’s climb toward $2.5. With Bitcoin’s market capitalization at $1.7 trillion, analysts suggest it may target $96,000 amid positive sentiment.
The cryptocurrency market experienced a notable uptick today, driven by positive sentiment following the Federal Reserve’s latest policy indications. As of 10:36 am IST, Bitcoin’s value climbed to $85,659, marking a 3.25% increase, while Ethereum rose by 4.5% to $2,020. The global crypto market capitalization saw a 3.4% rise, totaling $2.81 trillion over the past 24 hours.
The Federal Reserve’s decision to maintain current interest rates and signal potential future cuts has fueled market optimism. Edul Patel, Co-founder and CEO of Mudrex, noted, “The crypto market got a huge boost as the Fed kept rates unchanged, signaling two cuts this year. The pause in quantitative tightening further strengthens market sentiment.” Meanwhile, Shivam Thakral, CEO of BuyUcoin, stated, “Bitcoin is surging toward $86,000 after the Fed’s decision aligned with market expectations.”
Other cryptocurrencies, also known as altcoins, saw significant gains. XRP surged by 7.5%, while Solana climbed 5.7%. Cardano advanced 2.7%, and Dogecoin increased by 3.8%. Several additional altcoins, including Chainlink and Hedera, experienced rises of between 2% and 5%.
In a pivotal regulatory development, the U.S. Securities and Exchange Commission (SEC) has officially discontinued its legal action against Ripple Labs, contributing to XRP’s price surge, which approached $2.5 according to CoinSwitch Markets Desk. Furthermore, Bitcoin’s market capitalization soared to $1.7 trillion, with a market share of 60.6%.
Analysis of market trends by Sathvik Vishwanath, Co-Founder & CEO of Unocoin, indicates bullish momentum for Bitcoin, with targets set at $96,000. Yet, he cautions that profit-taking could precipitate a decline back to $80,000 if significant holders sell off. Overall, despite potential risks, the market sentiment remains buoyed by institutional investments and growth in exchange-traded funds (ETFs).
In summary, the cryptocurrency market’s positive movement is largely attributed to the Federal Reserve’s recent policy announcements. Bitcoin has approached $86,000, displaying potential for further gains. The recent regulatory decisions, particularly regarding Ripple Labs, have also bolstered confidence among investors. This aligns with the overall optimistic outlook driven by institutional interest and future market developments.
Original Source: m.economictimes.com
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