Why Bitcoin (BTC), Etherem (ETH) Are Rising Today?

Bitcoin traded in the green on Thursday evening but failed to cross the key $40,000 barrier in intraday trading, as the global cryptocurrency market cap rose 1.2% to $1.8 trillion.

Price Performance Of Major Coins
coins 24-hour 7-day Price
Bitcoin BTC/USD 1.1% -2.05% $39,752.19
ethereum ETH/USD 1.5%% -1.95% $2,935.79
Dogecoin USD/USD -2.9% 0.5% $0.14

Top 24-Hour Gainers (Data via CoinMarketCap)
cryptocurrencies 24-Hour % Change (+/-) Price
ApeCoin (EPA) 23.7% $24.04
SKALE Network (SKL) +20.4 $0.19
PancakeSwap (CAKE) +10.6% $8.34

SeeAlso: Best Crypto Debit Cards

Why It Matters: The apex coin and other major cryptocurrencies continue to shadow equities. On Thursday, the S&P 500 and Nasdaq bounced 2.5% and 3.1% higher after strong earnings numbers were reported by a number of major companies.

Economic data released on the same day showed that US GDP fell 1.4% in the first quarterwhile consumer spending rose 2.7% in the same period.

The fall in GDP is leading to hopes among analysts and others that the Fed will moderate its hawkish tone — a move constructed by them as positive for cryptocurrencies.

cryptocurrency trader Justin Bennett said on Twitter that the chart structures he’s tracking indicate a bottom on May 4, when the Federal Reserve is due to hold its next meeting.

“A more dovish Fed sparks a relief rally from stocks and [cryptocurrencies]?” Bennett said.

glass node co-founders Jan & Yann tweeted that Fed’s action at next week’s policy meet “may already be priced in,” and any less severe outcomes could help Bitcoin touch above $42,000.

Meanwhile, the dollar continues to show extraordinary strength. The greenback touched a 20-year high against the yen on Thursday as the Japanese unit fell below the 130 mark. The dollar index, a measure of the dollar’s strength against six other currencies, rose as high as 103.93 intraday, reported Reuters.

Michael van de Poppe tweeted on Thursday that the dollar would soon hit a peak, while Bitcoin would “break out.”

A subtle rebound in Bitcoin prices over the last couple of days means Bitcoin’s ratio of transactions taken in profit versus loss is rising, said Santiment on Twitter. The apex coin is seeing some profit-taking, according to the behavior analysis platform.

Read Next: Ethereum L2 Coins Like Polygon (MATIC) Having A Rough Year While L1s Walk Toe-To-Toe, Says Research

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