Bitcoin Hits $98K, Extends Gains Despite Fed’s Hawkish Stance

Bitcoin climbed for a third straight session on Friday, rising 1.6% to $98,409.2 by 6:36 GMT. The world's largest cryptocurrency was on track for a nearly 1% weekly gain, as some investors shrugged off U.S. tariff concerns. However, gains remained limited due to the Federal Reserve’s hawkish stance on interest rates.

Fed Governor Adriana Kugler reiterated that interest rates should stay in the 4.25%-4.50% range to control inflation. This cautious approach has tempered enthusiasm for speculative assets like cryptocurrencies, keeping Bitcoin in a consolidation phase.

Despite macroeconomic uncertainty, Bitcoin's resilience suggests investors are weighing long-term potential against monetary policy concerns. Meanwhile, most altcoins edged higher. Ethereum gained 1% to $2,758.50, Solana rose 2.5%, and Cardano climbed 1.8%. Meme coins like Dogecoin slipped 0.6%, while $TRUMP dipped 0.7%.

Block Inc. (NYSE: XYZ), formerly Square Inc., reported disappointing Q4 earnings. Adjusted earnings of 71 cents per share fell short of Wall Street’s expected 88 cents. Revenue reached $6.032 billion, missing forecasts of $6.295 billion. Weaker Bitcoin demand contributed to the earnings miss.

While the Fed's policies remain a critical market factor, Bitcoin's recent performance underscores investor resilience in navigating macroeconomic challenges.