- The main cryptocurrency added 1.5%
- Following BTC, altcoins also grew
The rate of cryptocurrencies reacted positively to yesterday’s speech by Fed Chairman J. Powell. So, in a day, Bitcoin rose by 1.5% and is now trading at $23,257. Ether is up 3.4% to $1,670.
The capitalization of the cryptocurrency market has gained 1.8% and now stands at $1.08 trillion. Total trading volume rose 25.4% to $60.2 billion.
Of the TOP-10 cryptocurrencies, the biggest jump occurred in Polkadot (↑4.78%).
US stock indices also finished Tuesday with growth. The S&P 500 added 1.3%, the Nasdaq Composite rose 1.9% and the Dow Jones Industrial Average rose 0.8%, breaking a two-day losing streak.
It was a volatile trading day as the market was nervous ahead of Powell’s speech. However, his interview reassured investors.
“The process of disinflation, the process of reducing inflation has begun, and it has begun in the goods sector, which is about a quarter of our economy. But true disinflation is still a long way off. These are the earliest stages
Powell said the central bank will continue to monitor economic data. And he warned that interest rates might still have to be raised higher than what was priced in by the markets.
“We will raise rates to a level that we consider sufficient, and then we will see if we need to raise rates further”
Powell also said that Congress should raise the national debt limit.
“If they don’t, the Fed won’t be able to protect the economy”
What important news is still waiting for us this week, read in our review calendar.
