The price of the first cryptocurrency has returned to levels above $59,000 amid speeches chairman Fed Jerome Powell in the Senate.
Bitcoin quotes have added 3.3% in a day. Market capitalization has increased by 2.5% and reached $2.23 billion.
Ethereum has risen above $3,100. Despite a 7.6% price drop over the past week, the year-on-year gain is compiled 67%.
Following Bitcoin, all major altcoins have moved into the green zone. Major stock market indices like the S&P 500 and Nasdaq 100 have strengthened by about 0.2% over the past 24 hours.
During a Banking Committee hearing, Powell said the U.S. economy is “no longer overheated” and the labor market has “cooled down significantly” compared to the pandemic era.
The case for lower interest rates is becoming stronger, he said. Inflation has been improving in recent months, which provides grounds for easing monetary policy, Powell said.
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Source: Cryptocurrency
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