Bitcoin’s Still Hovering, But ADA and XRP Are in Freefall! Guess Why!

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Here’s the lowdown:

  • Cardano’s ADA and XRP took a nosedive while Bitcoin’s chilling above $94,000.
  • Ether and Dogecoin? Yeah, they’re both slumping too. No big surprise there.
  • DeFi tokens like AAVE and CRV are strutting their stuff, making gains while the others fumble.

Well, folks, it’s that time again—traders are biting their nails, waiting for the Federal Reserve’s next move. It’s not just any meeting, it’s *THE* FOMC meeting. Will they raise interest rates? Spoiler alert: probably not. But Jerome Powell’s famous words could make or break a market. Who doesn’t love a good cliffhanger?

Meanwhile, Bitcoin’s just hanging out above $94,000 like it’s nobody’s business. It had a little moment of weakness on Sunday, but like a true champ, it’s back to business. Holding steady—steady-ish.

In the meantime, ADA and XRP? Those two poor souls dropped about 4%, no one’s buying the dip. Ether’s down almost 1%, but hey, that’s just par for the course. BNB? It’s holding up, rising by a whole 1.3%. As for Dogecoin, well, that’s still feeling the burn, down 2% in the last 24 hours. Oh, Doge…

The CoinDesk 20 index, which tracks the big boys, dropped just over 1.8%. And here we are, still trying to figure out why we’re all in this crypto rollercoaster. Don’t worry, there’s more.

Over in the DeFi corner, we’ve got AAVE, CRV, and HYPE doing their little victory dance with some solid demand. Guess what? People are looking for something with *substance* now that meme coins are losing their shine. Kay Lu, CEO of HashKey Eco Labs, says traders are “pivoting” to projects with actual *utility*. I mean, who wouldn’t want a crypto project that does more than just make you laugh?

“DeFi ecosystems are benefiting from this shift, and we’re hopeful Bitcoin stays chill and crypto acts as a hedge against economic woes,” Lu added. Well, that’s reassuring, isn’t it? Everyone’s hoping for the best while crossing their fingers that the market doesn’t blow up in their faces.

Eyes on Powell’s Words

The FOMC is the big event this week, with folks on the edge of their seats. The buzz is, they’ll pause the rate hikes. But, of course, that doesn’t stop the uncertainty surrounding inflation, tariffs, and the big ol’ U.S.-China trade drama.

Augustine Fan, Head of Insights at SignalPlus, says we’re not expecting any big moves from the FOMC. It’s more of a coin flip. Crypto will likely take its cues from the broader stock market and earnings growth. You know, that fun stuff that makes you stay up at night.

According to Fan, the stock market’s doing better than expected, but bond markets? They’re sending out some gloomy vibes. Classic. No one can agree on what’s happening!

Oh, and for a little more drama: President Trump confirmed that no, there are no secret talks with China. That little nugget pretty much killed any hopes of a breakthrough in trade negotiations. But fear not! Separate trade deals could still keep the risk sentiment at a simmer, for now.

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2025-05-06 11:43