SOL Up 6%, Bitcoin Stays at $84K on Weakened Rate Cut Expectations
Posted by Shaurya Malwa, AI Boost | Edited by : Parikshit Mishra Updated: Apr 17 2025, 1:11 pm Published: Apr 17 2025, 6:19 am
Cryptocurrency markets rose strongly in Asian morning trade on Thursday after a sell-off the previous day as Federal Reserve Chairman Jerome Powell dashed hopes of a quick rate cut while global markets reel from the effects of newly imposed U.S. tariffs.
Bitcoin (BTC) has gained 2% in the last 24 hours to reach nearly $84,500, according to CoinGecko. Ether (ETH), XRP, dogecoin (DOGE), and BNB Chain have all gained between 1% and 3%, with SOL Solana leading the way with a 6% gain.
Further down the pecking order, Hyperliquid’s HYPE jumped 8.5%, leading the mid-cap gains without an immediate catalyst. Celestia’s TIA fell 4%, leading the losses as pressure on tokens with long unlock schedules intensifies after Mantra DAO’s sharp drop earlier in the week.
Powell said the Fed needs more time to assess how rate moves will impact the global economy, adding that the economic impact will include high inflation and slow growth, hinting at “stagflation” — a phenomenon seen in much of the 1970s when the U.S. faced weak economic activity and double-digit inflation.
“Traders were hoping the Fed would make an early rate cut to support the markets, but it doesn’t look like that’s going to happen anytime soon,” Jeff May, chief operating officer at BTSE, told CoinDesk in a Telegram message. “In the short term, we see Bitcoin continuing to hover in the $80,000 to $90,000 range until there’s more clarity on tariff and rate cut talks.”
Elsewhere, Augustine Feng, head of research at SignalPlus, said Powell’s comments disappointed doves, highlighting their emphasis on protecting against tariff-related price increases that would not lead to a long-term increase in inflation expectations.
“Crypto trading is mostly down, although the technicals remain more positive in the short term, with BTC able to hold above 81k as markets focus on the details of Trump’s first trade deal and the earnings season starting next week,” Fan added.
In the meantime, we offer you a technical analysis and patterns revealed by machines on the market today.
Your email address will not be published. Required fields are marked *
[…] January 2022, the number of cryptocurrencies existing in the market increased by 1 thousand. This implies that each new…
Your writing is like a breath of fresh air in the often stale world of online content. Your unique perspective…
I would like to share my story and express my great gratitude to Maria. My husband Alexander was literally taken…