This decision is moving Bitcoin's price today

Bitcoin starts the day on a positive note: in the last 24 hours the top crypto is up 2% and trading around $96,500.

Bitcoin kicks off the day on a positive note: in the last 24 hours the biggest crypto is up 2% and is trading around $96,500. The total market cap sits at $1.92 trillion, putting Bitcoin at rank 7 among the world's most valuable assets, just behind Amazon but ahead of silver. It still trails the previous all-time high of $109,000 by about 12%.

Ethereum is also inching higher: on a daily basis the coin is up 1% and around $1,800. Still, the all-time high remains far off — a gap of about 63%.

Other major cryptos like XRP, BNB, and Solana are following Bitcoin and Ethereum higher. Cardano shows today’s strongest gain with a rise of 2.5%.

Because Bitcoin has vastly outperformed altcoins over the past 90 days — only 25 alternate coins did better — BTC dominance is rising as well. It’s now at 64.2%, the highest level since 2021.

The rally in prices is also flipping investor sentiment. The Fear & Greed Index is edging toward greed and now sits at neutral.

Investors and analysts are watching today, May 7, for the U.S. central bank's rate decision. While the Federal Reserve left rates unchanged at 4.50% in March, only about 1% of the market expects a 25 basis-point cut this time — despite strong jobs data last week.

All eyes are therefore on Fed Chair Jerome Powell and his briefing during the press conference at 8:30 p.m.

Finally, there’s news around Myria (MYRIA): on May 7 a so-called Token Unlock takes place. 10.5 million extra tokens will come into circulation — about a 20% increase in the circulating supply. After previous unlocks, the price jumped, so investors are on high alert.