The price of the first cryptocurrency returned to above $59,000 amid Fed Chairman Jerome Powell’s speech in the Senate.
Bitcoin quotes increased 3.3% per day. Market capitalization increased by 2.5% and reached $2.23 billion.
During the Banking Committee hearing, Powell said the U.S. economy is “no longer overheated” and the labor market has “cooled significantly” compared to the pandemic era.
According to him, the case for lowering interest rates is becoming increasingly compelling. Inflation has been improving in recent months, which provides grounds for easing monetary policy, Powell said.
Let us remind you that Citi predicted the start of the Fed key rate reduction cycle in September.
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