Bitcoin Soars Above BTC $105K After Fed Decision: What's Next?

View in browser Bitcoin Price Rises Above $105K After Fed Decision: What's Next? Hey, everyone, I hope you're having a great Thursday! Because the market is! Bitcoin's price soared following yesterday's comments from Jerome Powell - the chairman of the US Federal Reserve.  During the press conference following the Federal Open Market Committee meeting on January 29, 2025, he addressed the topic of cryptocurrency regulation.  He emphasized that while banks are "perfectly able to serve crypto customers" provided they manage associated risks, there exists a higher threshold for banks engaging in crypto-related activities due to their novel nature.  Powell stated, "We're not against innovation, and we certainly don't want to take actions that would cause banks to terminate customers who are perfectly legal just because of excess risk aversion, maybe related to regulation and supervision."  He further highlighted the need for a more comprehensive regulatory framework around cryptocurrencies, suggesting that congressional action would be beneficial in addressing potential risks to households.  Powell noted that Congress has been actively working on this issue, and the Federal Reserve has been collaborating with lawmakers to develop appropriate regulations. Price Action Total Mkt Cap: $3.74 Trillion | 24HR Liquidations: $278M | Sentiment: Greed  Thanking our Newsletter sponsor: Credefi: the ultimate RWA gateway. Connecting crypto lenders with SME borrowers since 2021. Discover predictable yields on your idle crypto assets. Bitcoin The primary cryptocurrency had a quiet weekend in which its price stood mostly in a tight range between $104,000 and $105,000. The landscape changed on Monday, similar to the previous one when the bears took charge of the market and initiated a substantial leg down. Within hours during the morning Asian trading session, BTC plunged by several grand to a multi-week low of under $98,000. Nevertheless, the cryptocurrency didn't stay there for long and went back into six-digit territory by the end of the day. The next couple of days were a lot less eventful, aside from another brief decline toward $100,000. The market anticipated the Fed's decision on Wednesday evening, and bitcoin stood still. Once the expected decision of no interest rate cuts was announced, BTC headed south by over a grand from $103,000 to $101,500 However, it bounced off and has added roughly $4,000 since then to trade at $105,500 as of press time. Its market capitalization has neared $2.1 trillion on CG, while its dominance over the alts is well above 56%. Altcoins Most alternative coins have followed BTC on the way up. Ethereum defended the $3,000 level and now sits above $3,200 following a 3% daily increase. Similar price jumps are evident from SOL, ADA, and TRX. Chainlink has gained 6.5% on the day and now trades close to $25. Even more impressive gains come from the likes of SIU, LTC, HYPE, and ONDO. The cumulative market cap of all crypto assets had added more than $100 billion in a day. As a result, the metric sits above $3.710 trillion on CG. Best Performers Fartcoin (FARTCOIN) +33% JasmyCoin (JASMY) +27% Mantra (OM) +25% Worst Performers WhiteBIT Coin (WBT) -0.4% Fasttoken (FTN) -0.1% Bittensor (TAO) +0.7% The Crypto News You Can't Miss Polymarket bettors place 86% odds on the SEC approving Litecoin ETF this year. Read the full story. Bitcoin is "hanging in there" despite the Fed causing volatility in the equities market, according to Santiment. Read the full story. Tesla remains a top corporate Bitcoin holder, with its 11,509 BTC stash placing it among the largest publicly traded companies in crypto.  Read the full story. Federal Reserve chair Jerome Powell has urged US Congress to accelerate regulations for crypto assets.  Read the full story. Your Daily Crypto Did You Know Did you know that Ethereum's ERC-20 standard defines a set of rules for creating fungible tokens on the Ethereum blockchain, which has led to the creation of thousands of tokens? CryptoPotato 39 Ludgate Hill, London United Kingdom You received this email because you signed up on our website or made purchase from us. Unsubscribe