Bitcoin, Ethereum, Dogecoin stagnant as Trump criticizes Powell for rate cuts

ed from the market in the last 24 hours, with bullish bets accounting for $160 million. Despite the stagnant price action, Bitcoin’s Open Interest increased by 4.45% in the past 24 hours, hinting at potential higher volatility and a breakout in either direction in the near future. The Long/Short ratio on Binance futures indicated that over 54% of traders were betting against Bitcoin.

In terms of market sentiment, the Crypto Fear and Greed Index continued to signal “Fear” among investors. Despite this mood, some cryptocurrencies managed to perform well. Render (RENDER) gained 10.81%, Artificial Superintelligence Alliance (FET) saw an 8.35% increase, and Raydium (RAY) recorded a 7.93% growth within 24 hours. This positive performance contributed to a slight 0.82% rise in the global cryptocurrency market capitalization, reaching $2.67 trillion.

The stock market, on the other hand, experienced mixed results on Thursday. The Dow Jones Industrial Average plummeted by 1.33%, closing at 39,142.23, while the Nasdaq Composite slipped by 0.13% to end at 16,286.45. The S&P 500 was the only index to show gains, rising by 0.13% to reach 5,282.70 at the session’s close.

President Trump’s threats to dismiss Federal Reserve Chair Jerome Powell if rate cuts were not implemented promptly added uncertainty to the financial markets. Powell had previously expressed concerns about tariff-induced inflation. However, historically, a Fed chair can only be removed for specific reasons such as misconduct or incapacity.

Analyzing the market dynamics, blockchain analytics firm Glassnode highlighted that Bitcoin’s realized capitalization hit a record high of $872 billion, indicating positive capital inflows. Despite this, the firm noted a potential risk-off sentiment among investors, as monthly growth had slowed to 0.9%. This softening investor appetite could contribute to continued market caution.

Cryptocurrency analyst Rekt Capital pointed out that Bitcoin remained above a downward trendline but below the 50-day exponential moving average. To rally further, Rekt Capital suggested that Bitcoin needed to close above crucial resistance levels and retest them as support. Overall, market observers are closely monitoring these technical indicators for potential price movements in the near future.