FED President Says The Economy Is Getting Better: Bitcoin Stalled, Stocks Soared!

While stock indices rose after Jerome Powell's optimistic statements in Congress, the cryptocurrency market remained stagnant.

US Federal Reserve Chairman Jerome Powell said yesterday, on the second day of his testimony before Congress, that the latest economic data showed "modest progress" on inflation.

Powell's dovish statement was perceived positively in the traditional market and caused an increase. However, the continued selling pressure in the cryptocurrency market did not affect the prices. Bitcoin is stuck in the narrow zone between $57,500 and $59,000, where it is showing signs of recovery after a sharp sell-off.

Stating that the central bank expects positive trends to continue before changing the current interest rate, Powell made the following statements in his statement yesterday:

More good data will strengthen our confidence that inflation is moving sustainably towards our 2% target.

Speaking generally positively, Powell said that long-term inflation expectations are well stabilized:

A restrictive monetary policy helps bring supply and demand into balance and puts downward pressure on inflation

According to the Chicago Mercantile Exchange (CME) FedWatch tool, the probability of a rate cut in September appears to be 70%.