Illustration by Mitchell Preffer of Decrypt.
After a bumpy week of gains and losses, markets are ending the week on a strong note. According to CoinGecko, the price of Bitcoin is currently $43,139. That’s a 3% increase in 7 days.
All eyes were on the market’s largest digital asset and what it would do before, during and after Wednesday’s Federal Reserve interest rate announcement.
Traders had already priced in interest rates to remain unchanged, and that’s exactly what happened. Bitcoin (BTC) remained flat for a while, while other coins and tokens declined.
However, asset prices have since fallen slightly following a more hawkish press conference in which Federal Reserve Chairman Jerome Powell made clear the central bank was in no hurry to cut interest rates. Stock prices also plummeted.
At one point, the lowest price of BTC traded was below $42,000 per coin.
Strong economic data was released yesterday, with the US Bureau of Labor Statistics announcing that the US added 353,000 new jobs in January and the unemployment rate remained at 3.7% for the third consecutive month. ET on Friday morning news, stocks rose along with cryptocurrencies.
The price of Ethereum, the second-largest digital asset, fell earlier this week, facing bigger losses than BTC, before rising. Ethereum (ETH) is currently trading at $2,306, up just 2% on the week.
Elsewhere, Solana (SOL) won again. Over the past week, Solana has been one of the top rising stocks, with Solana’s price increasing more than 10% in the week ending yesterday. It is currently trading at $97.86.
The price increase can be attributed to the high activity of traders, i.e. trading on the network, reaching an all-time high after Solana decentralized exchange (DEX) aggregator Jupiter finally started airdropping JUP tokens. You can