Crypto Market Surges on Bitcoin ETF Optimism and Powell’s No-Rate-Hike Stance

The global cryptocurrency market experienced a notable rise on Friday, driven by optimism regarding potential ETF approvals and remarks from Federal Reserve Chair Jerome Powell suggesting that there would be no immediate rate hikes.

Bitcoin, the largest cryptocurrency in terms of market capitalization, saw an increase of 3.33%, trading at $29,215.25. Over the course of one day, its trading volume and market cap improved by 24.88% and 3.31%, respectively. This price surge reinforced Bitcoin’s dominance in the crypto market, which reached 51.47%.

Ethereum, the second-largest cryptocurrency, gained 2.23%, with its trading value at $1,584.31. The volume of Ethereum traded in the past 24 hours rose by 10.73%. Other prominent cryptocurrencies also witnessed positive movement, with increases of 7.05% and 9.81%.

In the meme coin sector, various coins, including popular ones, recorded increases of 2.11%, 3.07%, and 2.66%. However, not all cryptocurrencies fared well, as ApeCoin (APE) saw a decline of 2.94%.

The total global crypto market capitalization rose by 2.97%, reaching $1.11 trillion, while the total market volume increased by 3.77%. Despite these positive trends, the overall market sentiment remained neutral, reflected by a fear and greed index reading of 49.

In addition to major cryptocurrencies, several altcoins marked significant gains on Friday. Bitcoin SV (BSV) surged by an impressive 26%, while Stacks (STX) experienced a 13% increase.

These fluctuations in the crypto market underscore the influence of external factors, such as regulatory updates and macroeconomic statements, on the prices of digital assets. The market’s response to Powell’s comments and the anticipation surrounding Bitcoin ETF approvals highlights the sensitivity of cryptocurrency prices to such developments.

This article was generated with the support of AI and reviewed by an editor.