Bitcoin Stays Below $43k as Fed Intends Not to Cut Rates in March

TL;DR

• Bitcoin continues to trade below the $43k level as the market remains choppy.

• Fed Chair has reiterated that they don’t intend to cut interest rates in March.

Bitcoin Stays Below $43k as LINK Soars Higher

Bitcoin’s price has been trading around the $43k level over the last few days. It is now trading below $43k as the broader cryptocurrency market continues to consolidate. 

At press time, Bitcoin’s price stands at $42,887 per coin. The performance comes after U.S. Federal Reserve Chair Jerome Powell revealed during an interview on Sunday that the Fed has little intention of cutting rates in March, as markets had previously expected. Furthermore, the ISM Services index unexpectedly rising to 53.4 in January versus December's 50.5 also resulted in Bitcoin underperforming over the last 24 hours. 

While the broader crypto market continues to underperform, Chainlink’s LINK continues to soar higher. LINK is the best-performing cryptocurrency amongst the top 20 cryptocurrencies by market cap, adding more than 6% to its value during that period. At the moment, LINK is now trading above $19 per coin.

Thanks to its rally, LINK has now overtaken Dogecoin’s DOGE to become the tenth-largest cryptocurrency market cap. 

The total cryptocurrency market cap remains at $1.64 trillion, with Bitcoin and other major cryptocurrencies still consolidating.