Solana

Jerome Powell

Bitcoin

Chainlink

Reserve

The global digital asset market saw a cumulative surge of around 0.5% on Monday morning. The biggest cryptos like Solana (SOL) and Chainlink prices surged by 2% and 6%, respectively. over the past 24 hours. <a href="https://news.todayq.com/arthur-hayes-expects-bitcoin-to-hit-1-million/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin managed to jump</a> over $43K. However, this drop comes in amid Jerome Powell’s recent comment on the Federal Reserve’s expected interest rate cuts. Fed chair on market rate cuts 
Federal Reserve Chair Jerome Powell in an interview with CBS revealed that the central bank has shifted its focus towards focusing when to begin cutting interest rates. He highlighted that there is still a need for a cautious approach despite signs of economic strength.
He stated that there are <a href="https://news.todayq.com/interest-rates-inflation-crypto-makers-and-shakers/" target="_blank" rel="noopener noreferrer nofollow">risks associated</a> with both leaving rates too high for an extended period and cutting them too soon. This potentially allows inflation to surpass the Fed’s 2% target.
Powell mentioned the complexity of the decision making process to control such a situation. He stated, “There is no easy, simple, obvious path.” He expressed confidence in the current state of the economy, indicating that inflation is on a downward trajectory.
Fed chair stressed the need to gain more confidence in the sustainability of this trend before moving towards any rate cuts.
It is important to note that the authority maintained its benchmark federal funds rate between 5.25%- 5.5% last week. This is the highest level kept in over two decades. BTC shows strength 
The cryptocurrency market saw an uptick as its cumulative market cap jumped by around 0.5% to stand at $1.64 trillion. The 24 hour trading volume is up by 19% to stand at $35 billion. The fear and greed index stands at 55 points which depicts a neutral sentiment in the market.
Data shows that Bitcoin (BTC) regained the $43,000 price level after trading around $42,500 levels. BTC is trading at an average price of $43,123, at the press time. Its 24 hour trading is up by 26% to stand at $15 billion.
Coinglass data shows that more than 37k traders were liquidated in the last 24 hours. While, the total liquidation comes in at $83.29 million The largest single liquidation order happened on the crypto exchange Bybit ofETHUSDH24 valued at $1.58 million. As we dig in data shows that 67% (approx worth $56 million) were the long positions.
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Bitcoin reclaims $43,000 after Powell’s remark on interest rate cuts

Todayq News

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