Markets are ending the week strong after a rocky week of gains and losses. The price of Bitcoin is now $43,139, according to CoinGecko. That’s a seven-day rise of 3%.
All eyes were on the biggest digital asset by market and what it would do before, during, and after the Federal Reserve’s Wednesday announcement on interest rates.
Traders had already priced in that interest rates would stay the same—and they did—and Bitcoin (BTC) traded flat for a bit while other coins and tokens dipped.
But the price of the asset then dropped a bit following a more hawkish press conference in which Federal Reserve Chair Jerome Powell made it clear that the central bank wasn’t in much of a hurry to lower interest rates. Stocks took a beating, too.
At one point, the lowest BTC traded for was below $42,000 per coin.
Strong economic data dropped yesterday, with the U.S. Bureau of Labor Statistics announcing that the U.S. added 353,000 new jobs in January and the unemployment rate held at 3.7% for the third month in a row. Stocks rose—along with crypto—Friday morning Eastern Time on the news.
The price of Ethereum, the second biggest digital asset, dropped earlier in the week—facing bigger losses than BTC—before making gains. Ethereum (ETH) is now up a meager 2% over the week and is trading hands for $2,306.
Elsewhere, Solana (SOL) has again been a winner. Over the past week, it’s one of the biggest gainers, the price of Solana jumped by more than 10% for the week ending yesterday. It’s now trading hands for $97.86.
Its price rise is likely due to a flurry of trader activity—transactions on the network shot up to a new all-time high—after the Solana decentralized exchange (DEX) aggregator Jupiter finally launched its JUP token airdrop.
The entire crypto industry’s market cap stands today at $1.74 trillion, up nearly 2% in the past day, CoinGecko shows.
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Markets are ending the week strong after a rocky week of gains and losses. The price of Bitcoin is now $43,139, according to CoinGecko. That’s a seven-day rise of 3%.
All eyes were on the biggest digital asset by market and what it would do before, during, and after the Federal Reserve’s Wednesday announcement on interest rates.
Traders had already priced in that interest rates would stay the same—and they did—and Bitcoin (BTC) traded flat for a bit while other coins and tokens dipped.
But the price of the asset then dropped a bit following a more hawkish press conference in which Federal Reserve Chair Jerome Powell made it clear that the central bank wasn’t in much of a hurry to lower interest rates. Stocks took a beating, too.
At one point, the lowest BTC traded for was below $42,000 per coin.
Strong economic data dropped yesterday, with the U.S. Bureau of Labor Statistics announcing that the U.S. added 353,000 new jobs in January and the unemployment rate held at 3.7% for the third month in a row. Stocks rose—along with crypto—Friday morning Eastern Time on the news.
The price of Ethereum, the second biggest digital asset, dropped earlier in the week—facing bigger losses than BTC—before making gains. Ethereum (ETH) is now up a meager 2% over the week and is trading hands for $2,306.
Elsewhere, Solana (SOL) has again been a winner. Over the past week, it’s one of the biggest gainers, the price of Solana jumped by more than 10% for the week ending yesterday. It’s now trading hands for $97.86.
Its price rise is likely due to a flurry of trader activity—transactions on the network shot up to a new all-time high—after the Solana decentralized exchange (DEX) aggregator Jupiter finally launched its JUP token airdrop.
The entire crypto industry’s market cap stands today at $1.74 trillion, up nearly 2% in the past day, CoinGecko shows.
Stay on top of crypto news, get daily updates in your inbox.
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
StartupNews.fyi is a leading global startup and technology media platform known for its end-to-end coverage of the startup ecosystem across India and key international markets. Launched with the vision of becoming a single gateway for founders, investors, and ecosystem enablers, StartupNews.fyi has grown steadily over the years by publishing tens of thousands of verified news stories, insights, and ecosystem updates, reaching millions of startup enthusiasts every month through its digital platforms and communities.
