New York, June 16, 2025 - Bitcoin and the broader cryptocurrency market experienced a significant rally, driven by institutional developments and a shift in focus away from geopolitical concerns. The market is now closely watching the Federal Reserve's upcoming decisions and Chairman Powell's comments on inflation and the labor market.
Bitcoin (BTC) surged 3.1% in the last 24 hours, trading at $108,600, just shy of its all-time high. The CoinDesk 20 Index, which tracks the top 20 cryptocurrencies, excluding stablecoins, memecoins, and exchange tokens, rose 4.3% during the same period. This was fueled by strong performances from XRP and other altcoins.
Traditional markets also saw a return of risk appetite following last week's tensions. The S&P 500 and Nasdaq rebounded, increasing by 0.9% and 1.4% respectively, while safe-haven gold decreased by 1.5%. Cryptocurrency stocks also joined the rally, with Coinbase (COIN) and Circle (CRCL) closing the day up 7.7% and 13%, respectively. Bitcoin miners Bitdeer (BTDR) and Hut 8 (HUT) gained 6.9% and 5.6%, respectively. JPMorgan filed a trademark application for a product offering digital asset services, and Purpose will launch its XRP spot ETF in Canada.
Despite the positive momentum, analysts caution against expecting an immediate altcoin season, with Bitcoin still leading the market. The Fear and Greed Index fell into "Fear" territory last week, and Bitcoin's Net Taker Volume showed aggressive selling. However, analysts suggest that if Bitcoin can hold the $102,000-$103,000 range, it could signal that selling pressure is being absorbed, potentially setting the stage for a recovery.
From a macro perspective, the focus is on the Federal Reserve and Chairman Jerome Powell's press conference. Investors largely anticipate the Fed will hold benchmark rates steady this week and at the next meeting in July. Market participants will be closely watching Powell's comments for insights into how policymakers are navigating inflation and labor market pressures.