What to know:
- Major cryptocurrencies bounced during Wednesday’s Asian trading hours after the Senate voted 50-47 to curb President Donald Trump’s Iran war powers, easing market uncertainty.
- Bitcoin climbed to about $77,200, while XRP, ether and solana also gained as Treasury yields and oil fell.
- Sentiment was further buoyed after Mr. Trump directed the Federal Reserve to review depository institutions’ access to payment services, and investors awaited the April Fed meeting minutes.
Major cryptocurrencies rose in value Wednesday morning, potentially ending a five-day losing streak. This increase followed a Senate vote to limit President Trump’s military actions regarding Iran, which had been causing instability in global markets.
The Senate approved the bill by a vote of 50 to 47. This followed seven previous unsuccessful attempts to pass it since the fighting started in late February.
Bitcoin, the most valuable cryptocurrency, increased to $77,200, a gain of 0.5% since midnight UTC. Other cryptocurrencies like XRP, ether, and solana also saw increases, ranging from 0.4% to 0.8%, according to CoinDesk. This recovery comes after five consecutive days of declines that brought Bitcoin’s price down from $82,000 to around $76,000, a drop influenced by rising U.S. Treasury yields and significant selling of spot ETFs.
Traditional markets showed some willingness to take on risk. Oil prices (WTI crude) decreased slightly to $103.42 per barrel, down 0.75%. Demand for U.S. Treasury notes increased, causing their yields to fall slightly, and Nasdaq futures edged up 0.33%.
The crypto market received another boost Tuesday when President Trump asked the Federal Reserve to explore ways for banks to offer payment services to crypto companies. This is a significant step for the industry, which has often faced difficulties finding banks willing to work with them and connecting to the established financial system.
According to Naeem Aslam, Chief Investment Officer at Zaye Capital Markets, making payment systems and banking services more accessible could boost trust among institutions, improve market liquidity, speed up transactions, and encourage wider use of these systems over time.
Market watchers are now focusing on the release of the Federal Reserve’s meeting minutes from April, expecting them to significantly influence the market’s direction.
Nexo analyst Dessislava Ianeva says the minutes from the Federal Open Market Committee’s April meeting, which will be released on Wednesday at 18:00 UTC, will be closely examined to understand how the Fed is balancing ongoing high inflation with the potential for slower economic growth.
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2026-05-20 10:13