Major cryptocurrencies remained unchanged on Thursday as President Donald Trump warned of removing Federal Reserve Chair Jerome Powell due to postponed monetary easing steps.
What happened: Bitcoin swung between the surging $83,000s and initial $85,000s, with trading volumes dipping by more than 25% from the last day.
Ethereum hit a peak of $1,615.30 but was unable to sustain the advance, dropping back to the $1,500 range. The low-volatility trading day saw $126 million exit from the cryptocurrency market, with a closely equal volume of long and short positions wiped out.
Above $278 million was exited from the market in the past 24 hours, with bullish trades contributing to $160 million.
Even though Bitcoin’s price stayed mostly the same, the number of open positions increased by 4.45% in the last 24 hours. This could lead to more price movement and a breakout in either direction in the next few days.
According to the Long/Short ratio, approximately more than 54% of Binance futures traders were positioned against the top cryptocurrency.
According to the Crypto Fear and Greed Index, the market mood is still in the instability zone.
The total market value of worldwide cryptocurrency amounted to $2.67 trillion, after a slight rise of 0.82% in the past 24 hours.
Stocks had mixed results on Thursday. The Dow Jones dropped 527.16 points, or 1.33%, finishing at 39,142.23. The Nasdaq, which includes many tech companies, fell by 0.13%, ending at 16,286.45.
The only positive outcome was the S&P 500, which surged 0.13% to 5,282.70 at the session’s end.
These changes happened after Trump said he might fire Powell if interest rate cuts were not made soon, following the Fed Chair’s warning the day before about inflation caused by tariffs.
A fed chair can only be dismissed for cause, which in the past was viewed as wrongdoing or incompetence rather than policy differences. The New York Stock Exchange and Nasdaq will both be shut on Good Friday.
Expert Notes: A well-known blockchain data analysis company, Glassnode, said that as Bitcoin’s realised market value, or the worth of a single coin based on the price it was at the last step, was at its peak time, monthly growth had reduced to 0.9%.
“This shows that although money is still coming in, investors are becoming less interested, which suggests ongoing caution and risk aversion,” Glassnode added.
Popular cryptocurrency expert Rekt Capital pointed out that Bitcoin rose above the downward trendline but is still below the 50-day moving average.
“Bitcoin (BTC) wants to daily shut above the green resistance [$85,049] & test it again as support before pushing higher”, the expert anticipated.
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