On April 17, 2025, Bitcoin (BTC) maintained its position around $84,000, reflecting a 0.5% increase over the past 24 hours.

This stability comes despite Federal Reserve Chairman Jerome Powell's recent remarks regarding the potential economic impacts of President Trump's new tariff policies. Simultaneously, the cryptocurrency market witnessed heightened activity due to Binance's announcement of the INIT token airdrop.​

Powell Addresses Tariff Concerns

During a speech at the Economic Club of Chicago, Chairman Powell expressed concerns that the newly implemented tariffs could lead to higher inflation and slower economic growth.

He emphasized the Federal Reserve's commitment to monitoring the situation closely, stating that the full effects of the tariffs are still unfolding.

Powell's comments suggest a cautious approach to potential interest rate adjustments in the near future. ​

Cryptocurrency Market Overview

The overall cryptocurrency market capitalization reached approximately $2.66 trillion, marking a 1.1% increase.

Bitcoin's dominance stands at 63%, with a Fear & Greed Index indicating a "Fear" sentiment at 30%. 

Despite broader market volatility, several altcoins experienced significant gains, contributing to the market's upward momentum.​

Binance's INIT Airdrop Sparks Interest

Binance announced the upcoming airdrop of the INIT token, the 68th project on its Launchpool platform.

Starting April 18, users can stake BNB, FDUSD, or USDC to earn INIT tokens, with a total of 30 million INIT allocated for distribution.

This initiative has generated considerable interest within the crypto community, potentially influencing market dynamics in the short term.​

Market Indicators and Altcoin Performance

Data from Coinglass indicates an increase in open interest for cryptocurrency futures, reaching $98.3 billion, alongside a trading volume of nearly $207.5 billion.

Notably, altcoins such as STRAX, SYRUP, and BIO recorded double-digit percentage gains, reflecting heightened investor interest in alternative digital assets.​

Conclusion

Bitcoin's resilience at the $84,000 level amidst macroeconomic uncertainties and new market developments underscores its position as a leading digital asset.

As global economic policies continue to evolve, market participants remain attentive to both regulatory signals and emerging opportunities within the cryptocurrency space.​

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Note: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.