It was a highly anticipated week for several economic events in the US and abroad, including the third FOMC meeting of the year, March PCE inflation data, and earnings reports from multiple S&P 500 companies.
The previous weekend was eventful on the war front as the scheduled peace talks between the US and Iran in Pakistan failed, and the POTUS even canceled the delegation’s trip. Trump held a special conference for the top holders of the TRUMP token and later attended a White House event in which there was an alleged attempt on his life, but everyone left unscathed.
Bitcoin remained relatively quiet despite all these developments and traded at around $77,000-$78,000. On Monday morning, though, it exploded to $79,500 before it was violently and instantly rejected. At first, BTC dropped to $77,500 before it nosedived again hours later to $76,500.
The bears kept the pressure on, and bitcoin slipped below $76,000 a day later. It surged toward $78,000 on Wednesday, hours before the FOMC meeting. Once the Fed confirmed what everyone expected, that there would be no changes to the rates, BTC dropped again, this time to under $75,000.
It rebounded to around $76,000 by Thursday, even after the ECB followed the Fed’s example and kept the rates unchanged. Moreover, it even hinted that there might be a hike in June.
Nevertheless, bitcoin actually ended April with a double-digit increase for the first time in almost a year. It went on a mild run on May 1, touching $78,000 on some reports that the US and Iran might begin negotiations soon. Its market cap climbed to $1.560 trillion, and its dominance remains tall above 58%.
BCP, PENGU, and DOGE are the three double-digit price gainers from the larger-cap weekly, followed by HASH, MORPHO, JST, TAO, and PI.
Market Data
Cryptocurrency Market Overview Weekly May 1. Source: QuantifyCrypto
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