Bitcoin strengthened after statements by the head of the Federal Reserve.

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.

The Ethereum rate exceeded $3,100. Despite the price drop of 7.6% over the past week, the annual increase was 67%.

Following Bitcoin, all major altcoins moved into the “green zone”. Major stock market indices like the S&P 500 and Nasdaq 100 strengthened by about 0.2% over the past 24 hours.

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 cut cycle in September.#BinanceTurns7 #BinanceTournament"