Bitcoin Rises to $77K as Traders Bet on Powell’s Final FOMC Meeting

Bitcoin is holding firm near $77,000 ahead of Jerome Powell’s final press conference as Federal Reserve chair. Traders’ risk appetite has returned, according to Zaheer Ebtikar, founder of Split Research, who shared his assessment in a note with DL News.

"The sellers who were spooked by macro shifts or quantum fears have already exited. Bitcoin has found a stable floor and moved away from headline-driven drama and toward a more mature phase of growth."

Ebtikar’s remarks come as optimism builds in the crypto industry. Bitcoin has rallied nearly 15% over the past month, while the overall cryptocurrency market has added about $400 billion in value since February, according to CoinGecko data.

Despite these gains, Bitcoin remains down nearly 40% from its October peak, even as the S&P 500 hit a new record in April. Other assets, including gold and oil, are also near their peaks.

Bitcoin exchange-traded fund (ETF) inflows tell a brighter story. U.S. spot Bitcoin ETFs recorded over $2 billion in net inflows in April, marking the second consecutive month of positive inflows, per DefiLlama data. This follows March’s $1.3 billion gain.

Zaheer Ebtikar noted, “Since we’re currently in a quieter trading range, there’s no immediate rush for the exits.”

Powell’s Final FOMC Meeting Looms

These developments coincide with a pivotal moment in Washington. Jerome Powell is expected to keep interest rates unchanged at what economist Ed Yardeni describes as his “swan song” — the final press conference of his tenure as Fed chair.

Yardeni, in a note, suggested Powell may emphasize rising inflation risks, particularly as Brent crude climbs back above $100 per barrel amid stalled U.S.-Iran peace talks. Higher oil prices complicate the case for near-term rate cuts.

Lower interest rates typically benefit risky assets like Bitcoin by reducing the appeal of bonds, which offer lower yields.

Powell’s term as chair ends on May 15, though he will retain a Fed governor’s seat through January 2028.

Kevin Warsh Set to Succeed Powell

The Senate Banking Committee is scheduled to confirm Kevin Warsh as Powell’s successor on Wednesday, with a final vote expected soon after. Warsh has publicly advocated for earlier rate cuts but has also pledged independence from political pressure.

President Donald Trump has repeatedly urged faster cuts and clashed with Powell over policy and the Fed’s renovation project, which triggered a Justice Department probe that was later dropped.

Yardeni summarized the moment: “At 2:30 p.m. [ET], Jerome Powell will sing his swan song.”

Crypto Market Movements

• Bitcoin: Up 0.5% over 24 hours at $77,031.
• Ethereum: Up 2.1% over the past few hours at $2,323.

What We’re Reading

• Aave-led ‘DeFi United’ campaign raises $300m to address Kelp DAO breach — DL News
• Banks fight a ‘sideshow’ as Clarity Act stalls. Will it matter? — DL News
• U.S. Military runs a live Bitcoin node for cybersecurity research, Indo-Pacific Commander tells Congress — Unchained
• The AI margin trap — Milk Road
• Bitcoin mining meltdown? Why IREN’s future may lie in AI, Bernstein says — DL News

Lance Datskoluo is DL News’ Europe-based markets correspondent.