Bitcoin Stability and Memecoin Rally: Bitcoin has been trading | The Kingfisher - Bitcoin & Crypto liquidations signals and analytics

Bitcoin Stability and Memecoin Rally: Bitcoin has been trading in the $27,000s for three consecutive Tuesdays, creating a prolonged directionless pattern. This has affected other major cryptocurrencies (alts) as well. Meanwhile, with this stability, the market has shifted its focus to memecoins, often an indicator of an over-eager risk appetite.

Interest Rate Hikes: The Federal Open Market Committee (FOMC) has raised the Target Rate by 25 basis points. Further interest rate decisions will be data-driven. Market participants are closely watching the upcoming Consumer Price Index (CPI) release, as an upside surprise could lead to repricing of rate hike expectations.

Bitcoin On-Chain Fees and Binance Issues: Over the past week, transaction fees on the Bitcoin blockchain surged due to congestion caused by the rising popularity of BRC-20, a token standard built on Bitcoin. This led to Binance halting withdrawals and an arbitrage opportunity on Binance US.

Institutional Activity in BTC Remains Low: Open Interest (OI) on the Chicago Mercantile Exchange (CME) for BTC fell to a 14-month low, indicating slow institutional activity in BTC.

Ethereum Update: The price of Ethereum (ETH) was $1,849 with a 7-day change of 1% and a 30-day change of 2%.

Important Upcoming Events: Market participants are awaiting the U.S. CPI numbers for April and the Bank of England (BoE) Rate Decision, which could impact the crypto market.