Bitcoin, XRP, Solana rise as Powell cools early rate-cut expectations

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Bitcoin, XRP, Solana rise

Key takeaways

- Bitcoin rose 2% to near $84,500.

- Solana gained 6%, leading major altcoins.

- ETH, XRP, DOGE, BNB up 1–3%.

- Fed cautious on rate cuts due to tariff effects and inflation risks.

Powell dashed hopes for an early rate cut

In a speech on Wednesday, Powell underscored the Federal Reserve’s intention to assess the broader implications of newly imposed U.S. tariffs on the global economy before committing to monetary easing.

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The central bank chief noted that tariffs could drive inflation higher and simultaneously dampen growth—raising the specter of “stagflation,” a scenario reminiscent of the 1970s economic climate characterized by weak growth and high inflation.

Market leaders and laggards

Cryptocurrency markets rallied solidly in the Asian morning session on Thursday after a sell-off the previous evening as Federal Reserve Chairman Jerome Powell cooled hopes of an imminent rate cut.

Solana remains the leader of the gains. SOL is currently trading around $134.37, showing a 6.7% gain over the past 24 hours.

SOL price dynamics (February 2025 - April 2025). Source: TradingView.

Ethereum (ETH), XRP, Dogecoin (DOGE), and BNB all posted gains ranging from 1% to 3%, indicating broad-based strength among large-cap digital assets. Meanwhile, Hyperliquid’s HYPE outpaced its midcap peers with an 8.5% rise, despite no immediate fundamental catalyst. On the downside, Celestia’s TIA token shed 4% as investor concerns mount around long token unlock schedules. This followed a steep decline in Mantra DAO’s token earlier in the week, which added to pressure across the segment.

Despite the rebound, volatility remains elevated. XRP and Ethereum in particular showed signs of price stabilization following sharp recent swings, suggesting a tentative return of investor confidence in key assets.

What to expect?

The crypto market's current trajectory hinges on further clarity from the Fed regarding its interest rate policy. With inflation risks and geopolitical tensions shaping global markets, investors are likely to remain sensitive to macroeconomic signals. Continued momentum in assets like Solana may depend on whether confidence can outpace caution in the coming weeks.

It's also been reported that VanEck to launch crypto ETF NODE offering broad industry exposure.

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