In a noteworthy development in the cryptocurrency sector, Bitcoin (BTC) has reached the $30,000 threshold. This growth in the value of the world’s largest cryptocurrency seems to be influenced by the events surrounding a discourse delivered by Jerome Powell, the Chair of the Federal Reserve of the United States.
During a tumultuous period for U.S. bonds, Jerome Powell was faced with the challenge of articulating an appropriate response. Analysts had even anticipated a predominantly “very dovish” tone in his speech.
After Powell’s address, it was reported that U.S. regulators had dismissed criminal charges against the executives of Ripple, a prominent Blockchain company. This led to an immediate response in the market, with XRP price jumping above $0.501, marking a significant legal victory for Ripple.
Crypto Market Reacted Positively to Recent News
In addition to Bitcoin and XRP, Solana (SOL) also saw a massive surge. It recorded a 13% daily increase, reaching a multi-week high at $27. This surge has been attributed to the overall positive sentiment in the crypto market.
Significant advancements have been observed in the performance of cryptocurrencies such as Bitcoin Cash, Avalanche, XLM, MNT, and OP. Among the mid-cap alternative currencies, Bitcoin SV and Stacks have experienced the most substantial growth, with increases of 30% and 20% respectively.
The total crypto market cap has added over $40 billion daily and sits well above $1.11 trillion. Bitcoin is currently trading above the $30k mark, according to data from CoinMarketCap. Moreso, it kept trading above this key level point at press time.
The recent developments have led to increased anticipation over the approval of a U.S. Bitcoin spot price exchange-traded fund (ETF), which has further fueled Bitcoin’s momentum. The altcoins have also followed BTC’s upward trajectory with Ethereum gaining about 4% on the day and sitting above the $1,600 mark.
These events highlight the dynamic nature of the cryptocurrency market and underscore the impact of regulatory decisions and market sentiment on cryptocurrency prices. As digital currencies continue to evolve and mature, such price movements are expected to become increasingly common.