Interest Rates Remain Unchanged, Bitcoin Price Dips but Quickly Reclaims $98K

In the latest meeting of the central bank committee members, it was finalized that the interest rates would remain unchanged. This news brought a temporary drop in Bitcoin price, but shortly, the crypto company reclaimed $98,000.

In the latest meeting of the central bank committee members, it was finalized that the interest rates would remain unchanged. This news brought a temporary drop in Bitcoin price, but shortly, the crypto company reclaimed $98,000.

This stability came after three months when the Fed decided to keep the interest rate the same. After taking over the Oval Office, Trump was insistent on keeping the interest rates low to spur economic growth. However, he later shifted his stance, stating that he had no preference.

According to CoinMarketCap, the cryptocurrency’s 7-day gain reached 2.04% after the Bitcoin price fluctuated between $94,494.88 and $97,625.81. Bitcoin’s dominance in the broader crypto market also increased, up 0.44 percentage points to 65.45%, highlighting a growing preference for Bitcoin over altcoins in the current ongoing cycle.

At the macro level, crypto markets also went up 0.95%, reaching a total market capitalization of $2.98 trillion. Meanwhile, the S&P 500, Nasdaq, and Dow Jones Industrial Average all rose by 0.43%, 0.27%, and 0.70%, respectively.

Bitcoin got a bearish response as futures open interest went up by 1.93% to $64.37 billion in the derivatives market. It reflects the heightened participation of leveraged traders. CoinGlass data shows total liquidations over the last 24 hours reached a modest standard of $273,240. Short traders accounted for the majority at $225,840, compared to just $47,400 long liquidations. This response indicates that bearish traders likely misread the stock market.