Bitcoin reaches $29k mark after latest FOMC meeting

Bitcoin 1 h    Reading time: ~2 m

Bitcoin (BTC) surpassed the $29,000 mark after the US Federal Reserve (Fed) hit another 25 basis point rate hike.

The Fed surged its fund’s rate to 5.25%, according to a CNBC report on May 3. This rate hike, similar to previous ones, has triggered a bullish sentiment among crypto investors.

Consequently, bitcoin’s market cap rose 1.4% in the past 24 hours. According to data, BTC is trading at $29,075 at the time of writing. The asset dropped to a seven-day low of roughly $27,750 on May 2, when the total crypto market cap fell to $1.15 trillion.

Bitcoin reaches $29k mark after latest FOMC meeting0 BTC price – May 4 | Source: You might also like: US SEC delays ratification of digital assets definition

Moreover, Glassnode data shows that BTC transactions’ mean size dropped to roughly 467 coins, marking a three-year low — last seen in May 2020. Per the data, the critical metric surpassed the 1,200 BTC mark in February.

📉 #Bitcoin $BTC Mean Transaction Size (7d MA) just reached a 3-year low of 467.949

Previous 3-year low of 468.425 was observed on 02 May 2023

View metric:

— glassnode alerts (@glassnodealerts) May 4, 2023

On the other hand, bitcoin supply that hasn’t been active for two or more years has reached a new all-time high (ATH). Per data provided by Glassnode, over 54% of the total BTC supply has not been touched for the past two years.

📈 #Bitcoin $BTC Percent Supply Last Active 2+ Years just reached an ATH of 54.012%

View metric:

— glassnode alerts (@glassnodealerts) May 4, 2023 reported that bitcoin price rose to around $57,000 on Bitfinex for a brief moment after a glitch was reported. The exchange did not issue an official report on the matter yet.

Read more: BRC-20 token standard spurs meme coin frenzy on Bitcoin


Updated: 05/04/2023 — 08:00

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