CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data
May 7, 2025

Powell’s Comments Expected to Influence Markets Amid Asia Tensions

2 min

On Federal Open Market Committee day in the U.S., the focus will be on comments from Federal Reserve Chair Jerome Powell, with a 97.6% chance of interest rates remaining unchanged.

Key points include:

  • Market sentiment is cautious due to reduced container traffic from China and geopolitical tensions between India and Pakistan.
  • Spot gold declined over 1.7% as traders reacted positively to a potential U.S.-China trade deal.
  • Cryptocurrency prices have risen; Bitcoin increased by 3% in the past 24 hours, while the broader crypto market rose 2.57%.
  • New Hampshire became the first state to permit public fund investments in crypto.
  • BlackRock’s Bitcoin ETF has attracted more inflows than the largest gold ETF this year.
  • Ethereum's Pectra upgrade went live, marking a significant change for the network.
  • Ether has decreased about 47% against Bitcoin year-to-date, with the ETH/BTC ratio at 0.019.

Upcoming Events

  • May 8: Sentencing of Alex Mashinsky, founder of Celsius Network.
  • May 12: SEC Crypto Task Force Roundtable on tokenization.
  • May 7: Federal Reserve interest-rate decision announcement.
  • May 8: Bank of England interest-rate decision announcement.
  • May 8: U.S. Department of Labor unemployment insurance data release.

Market Movements

  • BTC: Up 2.11%, trading at $96,997.82.
  • ETH: Up 3.31%, trading at $1,844.39.
  • CoinDesk 20 index: Up 2.18% at 2,749.824.
  • DXY: Up 0.31% at 99.54.
  • Gold: Down 1.2% at $3,374.49/oz.
  • S&P 500 closed -0.77% at 5,606.91.

Technical Analysis

  • ETH exited a prolonged downtrend but has not confirmed a bullish breakout.
  • The next key resistance level for ETH is $2,104.

Derivatives Positioning

  • CME futures basis for BTC and ETH has retreated to 6% from 8%.
  • Positive BTC perpetual funding rates; ETH funding rates near 10% indicate bullish bets.