Cryptocurrency Market Sees Volatility Amid Steady Interest Rates

The past week was marked by several key economic events, including the US Federal Reserve's third FOMC meeting of the year and the publication of March PCE inflation data.

Bitcoin traded relatively quietly despite these developments, fluctuating between $77,000 and $78,000. However, on Monday morning it suddenly surged to $79,500 before being rejected, causing it to drop to $76,500 just a few hours later.

The Fed's decision to keep interest rates unchanged had little impact on Bitcoin's price, which rebounded to around $76,000 by Thursday after the European Central Bank also maintained steady rates. The ECB even hinted at a potential hike in June.

Despite this volatility, Bitcoin ended April with its first double-digit increase in almost a year and saw a mild surge on May 1, reaching $78,000. Its market cap climbed to $1.560 trillion, and its dominance remains above 58%.