Bitcoin (BTC) went on a volatile rollercoaster yesterday following comments by U.S. Federal Reserve Chair Jerome Powell, who hinted that rate cuts may not be imminent due to inflationary concerns and the economic impact of new tariff policies. The hawkish remarks briefly sent Bitcoin tumbling, but the world’s largest cryptocurrency has since rebounded above $84,000, signaling strong market resilience.
BTC: From Peak to Dip and Back Again
After briefly reclaiming the $86,000 mark on Monday, Bitcoin experienced a sharp rejection and retreated to $83,000 by Tuesday. Bullish momentum helped it climb to a two-week high of $86,500, but Powell’s statements triggered an abrupt drop of over $2,000 within minutes on Wednesday.
Despite the turbulence, BTC has stabilized and now trades above $84,000, with a market cap holding steady at $1.675 trillion, according to CoinGecko. Its market dominance also remains strong at just under 61%, reflecting sustained investor interest even amid policy uncertainties.
Altcoins: SOL and HYPE Steal the Show
The altcoin market is also showing signs of recovery. Leading the charge is Solana (SOL), which has surged nearly 7% to trade above $130. Meanwhile, HYPE, a mid-cap altcoin, has skyrocketed by almost 10%, reaching around $16.50.
Other notable gainers include:
- Render (RNDR)
- Bitcoin Cash (BCH)
- Toncoin (TON)
- Ethereum (ETH), back at $1,600
- XRP, BNB, DOGE, AVAX, and Chainlink (LINK) – all showing modest gains
On the downside, TRON (TRX) is the biggest loser among large-cap altcoins, dropping nearly 4% in the last 24 hours.
Total Market Cap Climbs $30B
The overall cryptocurrency market has added more than $30 billion in value since yesterday’s dip, now standing above $2.75 trillion. The swift recovery across major assets indicates that investors remain optimistic, even in the face of uncertain macroeconomic signals.
Looking Ahead
With Bitcoin showing strength above $84K and altcoins gaining traction, traders are now watching to see whether the broader market can sustain this recovery. Much will depend on upcoming economic data and the Fed’s next moves. For now, crypto bulls appear to be back in control.
