Bitcoin reaches $29k mark after latest FOMC meeting

Bitcoin reaches $29k mark after latest FOMC meeting

Bitcoin (BTC) surpassed the $29,000 mark after the US Federal Reserve (Fed) hit another 25 basis point rate hike. 

The Fed surged its fund’s rate to 5.25%, according to a CNBC report on May 3. This rate hike, similar to previous ones, has triggered a bullish sentiment among crypto investors.

Consequently, bitcoin’s market cap rose 1.4% in the past 24 hours. According to data, BTC is trading at $29,075 at the time of writing. The asset dropped to a seven-day low of roughly $27,750 on May 2, when the total crypto market cap fell to $1.15 trillion.

Bitcoin reaches $29k mark after latest FOMC meeting - 1
BTC price – May 4 | Source:

Moreover, Glassnode data shows that BTC transactions’ mean size dropped to roughly 467 coins, marking a three-year low — last seen in May 2020. Per the data, the critical metric surpassed the 1,200 BTC mark in February.

On the other hand, bitcoin supply that hasn’t been active for two or more years has reached a new all-time high (ATH). Per data provided by Glassnode, over 54% of the total BTC supply has not been touched for the past two years. reported that bitcoin price rose to around $57,000 on Bitfinex for a brief moment after a glitch was reported. The exchange did not issue an official report on the matter yet.

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