Over the past 24 hours, Bitcoin and Ether have risen 4%, while Solana has surged 12%.
Cryptocurrency markets rebounded on Thursday after the Federal Reserve decided to keep interest rates on hold.
Bitcoin (BTC), the world's largest cryptocurrency, is trading at around $59,000, registering a 4% recovery in the past 24 hours. Ethereum (ETH) is up 3.8%, while Solana (SOL) is soaring 12%, according to CoinGecko data.
According to Coinglass, more than $100 million in short positions have been liquidated in the past 24 hours.
Fed Chairman Jerome Powell said at a press conference on Wednesday that the 2% inflation target will be difficult to achieve. He also said, “It is unlikely that the next policy rate decision will be a rate hike.”
Analysts at crypto exchange Bitfinex said Bitcoin could trade sideways after the halving. “As a result, Bitcoin prices could see a month or two of consolidation, trading in a range with $10,000 swings on either side,” they said.
Bitcoin ETF bleeding
Yesterday, the US Spot Bitcoin ETF recorded net outflows of $563.7 million across 11 ETFs.
This is the largest single-day outflow since the ETF began trading on January 11th. Investors have withdrawn about $1.2 billion from the ETF since April 24, according to Pharcyde data.
Fidelity's FBTC led the way with $191.1 million in withdrawals, closely followed by GBTC with $167.4 million. ARKB and IBIT outflowed $98.1 million and $36.9 million, respectively.
Stock market turns green
Stock futures rose on Thursday as investors looked forward to more corporate earnings and key labor data later in the week.
Dow Jones Industrial Average futures rose 0.45%, S&P 500 futures rose 0.7% and Nasdaq 100 futures rose 1%.
Investors will focus Thursday on weekly jobless claims, first-quarter economic indicators on worker productivity and unit labor costs, and March data on the trade deficit and factory orders. All of these announcements come ahead of Friday's April jobs report.
Youwei Yang, chief economist at BIT Mining, said in a note shared with The Defiant that he realized the initial bullish reaction was due to what he saw as the FOMC's dovish actions. .
Looking ahead, he said, “The mood is bullish for the next three to four months, with markets closely monitoring inflation, employment and economic indicators for any unexpected shocks or to gain confidence in the possibility of rate cuts.'' “We expect that people will become more risk-oriented and more risk-oriented.''
