Bitcoin Taps $98,000, Ethereum, Dogecoin Steady As Fed Chair Jerome Powell Raises Trump Tariff-Induced Concerns: Analyst Says ETH Holding Above 'Crucial Level' And Begins Its 'Bounce Upwards'

Leading cryptocurrencies traded sideways on Wednesday, as the Federal Reserve warned of macroeconomic dangers from President Donald Trump’s tariff moves.

CryptocurrencyGains +/-Price (Recorded at 9:00 p.m. ET)
Bitcoin BTC/USD+0.53%$98,018.94
Ethereum ETH/USD
               
-0.89%$1,830.59
Dogecoin DOGE/USD          -0.88%$0.1721

What Happened: Bitcoin encountered tough resistance in the mid-$97,000s throughout the day before breaking the barrier overnight and recovering $98,000 for the first time since Feb. 21.

Bitcoin's market dominance rose to a yearly high of 64.4%, signaling continued capital rotation from other assets to the apex cryptocurrency.

Ethereum recovered after falling to an intraday low of $1,788.69 in a turbulent trading session that saw volume soar up to 220%.

Over $184 million was liquidated from the cryptocurrency market in the last 24 hours, with bearish bets accounting for the majority.

Bitcoin's Open Interest dropped marginally by 0.78% in the last 24 hours. Interestingly, over 63% of the Bitcoin derivatives traders on Binance bet against the leading cryptocurrency.

The "Greed" sentiment prevailed in the market, according to the Crypto Fear and Greed Index.

Top Gainers (24-Hours)

CryptocurrencyGains +/-Price (Recorded at 8:30 p.m. ET)
Eos (EOS)+16.78%$0.8168
Stacks (STX)+9.62%$0.892
Zcash (ZEC)+5.10%$40.32

The global cryptocurrency market capitalization stood at $3 trillion, following a 0.20% contraction in the last 24 hours.

Stocks staged a pullback on Wednesday. The Dow Jones Industrial Average rose 284.97 points, or 0.70%, to end at 41,113.97. The S&P 500 gained 0.43% to close at 5,631.28, while the tech-focused Nasdaq Composite spiked 0.27%, ending at 17,738.16.

Fed Chair Jerome Powell flagged concerns that Trump's tariff measures could lead to higher inflation, weaker growth, and a rise in unemployment. This came after the central bank’s widely predicted decision to maintain interest rates at 4.25%-4.50%.

Additionally, shares of Nvidia Corp. NVDA climbed late in the day on reports that the Trump administration plans to scrap Biden-era AI chip curbs.

See More: Best Cryptocurrency Scanners

Analyst Notes: Cryptocurrency analyst Rekt Capital stated that the altseason, which occurs when altcoins outperform Bitcoin in price gains, would begin once Bitcoin dominance hits the 71% ceiling, about 6% away from current value.

Cryptocurrency expert and trader Michaël van de Poppe expressed optimism in Ethereum’s short-term prospects, stating that the cryptocurrency was holding above a “crucial” level.

"I think we’ll be about to witness a big breakout to $2,100 in the coming 1-2 weeks," the analyst said.

Photo Courtesy: alfernec on Shutterstock.com

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