Crypto Market Turns Green on Positive US Fed News (Market Watch)

    The price of bitcoin has jumped to a weekly high of nearly $45,000 amid positive news coming from the US Fed Chair – Jerome Powell. Most alternative coins have also marked substantial daily gains, with ETH rising above $3,100 and BNB jumping to $400.

    Bitcoin Eyes $45K

    The tides seemed to have turned in the cryptocurrency space in the past 24 hours. On Wednesday, bitcoin had dumped below $41,000 for the third time since the start of the week, and the situation looked grim at best.

    However, the bulls managed to intercept this drop just like the previous ones and pushed the asset north. As reported yesterday, this resulted in BTC exceeding $43,000.

    The cryptocurrency even attempted to break above $44,000 but was initially stopped. However, BTC shot up in the hours after and neared $45,000. This came shortly after the US Federal Reserve Chairman – Jerome Powell – said during a two-hour House Finance Services Committee meeting that the country has no intentions to ban cryptocurrencies.

    As a result, bitcoin spiked to its current level, which is the highest it has been in a week. Consequently, its market capitalization has increased to $850 billion.

    BTCUSD. Source: TradingView

    Alts See Nothing But Green

    Most larger-cap alternative coins remained stagnant in the past few days. This is not the case now, though. Ethereum had fallen to $2,900 and struggled to reclaim $3,000. However, a 5% daily increase has driven the second-largest cryptocurrency to above $3,100 as of now.

    Cardano also dipped hard during the week but currently stands at $2.15 after a 4.5% jump. Binance Coin, which was the best performer yesterday, continues to impress again with an 8.5% increase to over $400.

    Ripple (4.5%), Solana (6%), Polkadot (7.5%), Dogecoin (3%), Terra (11%), Avalanche (1.5%), Uniswap (9.5%), and Chainlink (6%) are also well in the green.

    Cryptocurrency Market Overview. Source: Quantify Crypto
    Cryptocurrency Market Overview. Source: Quantify Crypto


    Further gains are evident from OMG Network (23%), VeChain (21%), Qtum (19%), Tezos (15%), IOTA (11%), THORChain (11%), AMP (11%), Arweave (11%), and ICON (10%).

    The cryptocurrency market cap has increased by roughly $100 billion and is just shy of $2 trillion.

    SPECIAL OFFER (Sponsored)

    Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.

    Related articles



    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    Atlantis Exchange Received 30,000,000 Advanced Bitcoin as Liquidity

    SEATTLE, WA, May 20, 2022 /24-7PressRelease/ — Atlantis Exchange is pleased to announce that a deposit of 30,000,000 Advanced Bitcoin (“aBTC”), a green cryptocurrency...

    These indicators show how the equities sell-off is influencing crypto prices to fall down

    Cryptocurrencies experienced on May 10 a large market crash, losing over 10% in a single day of most of the coins. This is the...

    Xendit Raises $300M to Grow Payments Platform

    Southeast Asia payments platform Xendit closed a $300 million Series D funding round that brings its total investment capital since 2015 to $538 million,...

    Top Cryptocurrency Prices Today, May 20: After crypto crash, Bitcoin, ETH, Solana, ADA, Polkadot, Matic rise upto 6%

    Top Cryptocurrencies of the World Prices Today in India (May 20, 2022): The global crypto market cap recovered 2.87% in the last 24 hours...

    Ethereum to Merge in August as Final Testing Begins

    The Merge is a milestone upgrade that transitions the Ethereum network consensus mechanism from proof-of-work mining to proof-of-stake (PoS). It is a significant step...


    Subscribe to stay updated.