Bitcoin (BTC) Traded Flat on Wednesday as Jerome Powell's Positive Comments Regarding the Industry.

Leading cryptocurrency prices traded flat on Wednesday morning despite upbeat comments from Federal Reserve Chair Jerome Powell regarding the industry.

What Happened: Bitcoin price rose to a high of $85,428.28 in the afternoon before reversing sharply to $83,000. The apex cryptocurrency’s trading volume dipped 1.28% in the last 24 hours.

The global cryptocurrency market capitalization stood at $2.65 trillion, following a marginal increase of 0.41% in the last 24 hours.

Top Gainers (24-Hours)

CryptocurrencyName24H High24H LowCurrent Price24H Change (percent)

Bitcoin$85,428.28$79,000.00$83,000.001.28%

Ethereum$1,624.00$1,466.00$1,528.500.87%

BNB Chain$296.86000000000003$270.00000000000015$283.870000000000256.67%

Solana price rose 24H low to a high in the last 24 hours. (Image: Solana)

CryptocurrencyName24H Low24H HighCurrent Price24H Change (percent)

Solana$48.00000000000001$54.41000000000001$50.4100000000000113.34%

Litcoin price rose 24H low to high in the last 24 hours. (Image: Litecoin)

CryptocurrencyName24H Low24H HighCurrent Price24H Change (percent)

Litcoin$69.99000000000001$79.99000000000002$74.990000000000017.13%

On the other hand, stocks sold off sharply on Wednesday morning. The Dow Jones Industrial Average plunged 699.57 points, or 1.73%, to close at 39,669.39. The S&P 500 lost 2.24%, ending at 5,275.70, while the tech-focused Nasdaq Composite retreated 3.07% to close at 16,307.16.

The market shuddered after Fed Chair Powell hinted at the growing risk of higher inflation and slower growth due to President Donald Trump’s tariffs.

The probability of interest rates remaining unchanged at next month’s central bank meeting rose to 83.1% from 81.4% the day before, according to the CME FedWatch tool.

In another development, Powell said that the U.S. was preparing to relax certain cryptocurrency and banking rules and that the industry has matured and become more mainstream.

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Analyst Notes: Popular on-chain analytics firm CryptoQuant noted that the pace of Bitcoin accumulation reached a two-month low, while outflows increased.

"Whale holdings fell by 30,000 BTC this week. Miner outflows hit 15,000 BTC on April 7 as margins sank to 33%. Accumulation is now at its lowest pace since February," CryptoQuant added.

Amid Ethereum's stagnation, influential cryptocurrency analyst Ali Martinez identified levels of interest to observe.

“$1,528.50 is a key support level for Ethereum, where 2.61 million addresses accumulated over 4.82 million $ETH,” Martinez highlighted.