Fed Chair Jerome Powell Testimony Sets Bitcoin (BTC) On Bullish Course 📌

Powell Still Uncertain About Inflation Direction

In the last 24 hours, BTC has registered a 2.99% increase and is currently trading for $57,453.86. This is a major breakthrough for the coin considering how much losses it has registered this past week from liquidations. Most of this selling pressure was triggered by Mt.Gox repayment and offloads by the United States and German governments. The new outlook of the coin is believed to be linked with recent conversations surrounding inflation in the US.

As part of his semiannual address to Congress on monetary policy, Federal Reserve Chair Jerome Powell spoke to the Senate Banking Committee on Tuesday. Before this speech, policymakers had requested more evidence that inflation is heading back to the 2% target. Therefore, a handful of them looked forward to Powell’s speech, scrutinizing closely for hints about what it will take to start easing.

For now, all the U.S. central bank chairman has said is that he and his colleagues “want to be more confident that inflation is moving sustainably down toward 2% before we start the process of reducing or loosening policy.” Powell’s testimony will continue on Wednesday before the House Financial Services Committee.

Beyond Bitcoin, Altcoins Registers Price Gains

It is worth noting that the Fed Chair’s statement reflects a tone of neutrality about interest rates and inflation. Still, it spurred the crypto market towards a positive sentiment.

Besides Bitcoin, other cryptocurrencies also registered gains between 2% to 13%. Ethereum is up by 3.45% and now trading at $3,065.99 although this surge is also fueled by anticipation for spot Ethereum ETF trading approval from the Securities and Exchange Commission (SEC). Solana is currently trading at $141.28 after nabbing a 3.53% surge within the last 24 hours.

PEPE, DOGE, TRON, BONK and SHIB have recorded a 1.92%, 1.60%, 3.28%, 10.35% and 2.02% increase respectively. 📣