Bitcoin remains stuck below $110,000 as the financial landscape maintains a cautious tone following the latest Fed updates.
While most tokens experienced bearish price actions as sellers outweighed buyers, Zebec Network (ZBCN) and LIBRA bucked the trend with double-digit gains.
ZBCN and LIBRA saw sharp gains of 45% and 81% in the past day, respectively, as the latest Fed meeting minutes, released on May 28, highlighted concerns about economic slowdown, unemployment, and persistent inflation.
ZBCN rallies after strategic acquisition
Zebec Network stole the show today as its native token posted significant gains.
The daily chart shows ZBCN rallied from the opening price of $0.00428 to a record peak of $0.006222.
That represented a more than 45% jump, and happening amidst broad market declines, the upsurge grabbed the crypto community’s attention.
What fueled Zebec Network’s rallies over the past 24 hours?
ZBCN’s sharp uptrend emerged after reports that Zebec purchased UK-based fintech firm Science Card.
🚨 Zebec Network acquires @ScienceCardUK 🇬🇧
Reaching 50,000+ users across 10 leading UK universities — including Cambridge and Aston University — Science Card will bring real-world utility to campus spending.
With this acquisition, we’re enabling students to spend crypto on
With over 50K users, this card allows users, mostly students, to receive, spend, send, and save money through an advanced application.
Moreover, the network will fund scientific research using transaction fees.
The integration will significantly enrich Zebec’s real-world utility, considering over 200 countries accept physical and digital Science Cards.
LIBRA spikes as Circle freezes founders’ wallets
While fundamental catalysts drove ZBCN’s rally, LIBRA’s explosive gain followed crucial regulatory developments.
As we reported earlier, a US court ordered Circle to lock two Solana addresses tied to LIBRA’s core team.
The move is part of an investigation scrutinizing the Argentine President’s role in LIBRA’s debacle, which left users with massive losses.
LIBRA trades at $0.02764, gradually erasing its latest gains.
Nevertheless, it remains 11% up on its daily chart, with soaring trading volumes signaling renewed interest in the meme token.
Crypto market retreats on Fed uncertainty
Digital assets saw brief corrections over the past 24 hours, with Bitcoin sliding to $107,055 at press time.
Cryptos reflect the downbeat outlook in the entire financial landscape.
Tech-related stocks led the downside after the latest Fed minutes release.
The report revealed concerns about employment fragility, persistent inflation, and economic slowdown.
While the Fed maintained interest rates at 4.25% – 4.50%, the data suggested challenges for the US economy in the coming times.
Fed Chair Jerome Powell stated:
Until we know more about how this is going to settle out and what the economic implications are for employment or for inflation, I couldn’t confidently say that I know what the appropriate path will be.
Meanwhile, Bitcoin continues to set the market tone in the near term.
With the prevailing uncertainty, all eyes remain on the key support zone at $106,800.
Losing this barrier could trigger a surge in volatility, with $102,000 as the next target.
However, a rebound and closing above $110,000 could catalyze short-term rallies to fresh all-time highs.
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