Economy

Bitcoin strengthened after the statements of the head of the US Fed

Bitcoin

The price of the first cryptocurrency returned to above $59 amid Fed Chairman Jerome Powell's Senate speech.

Bitcoin quotes for the day added 3,3%. Market capitalization increased by 2,5% and reached $2,23 billion.

The Ethereum rate exceeded $3100. Despite a 7,6% price drop over the past week, the year-on-year increase was 67%.

Bitcoin

After Bitcoin, all major altcoins went into the “green zone”.

Major stock market indices such as the S&P 500 and Nasdaq 100 gained about 0,2% over the past day.

During the Banking Committee hearing, Powell said the US economy is "no longer overheated" and the labor market has "calmed down significantly" compared to the pandemic era.

According to him, the arguments in favor of lowering interest rates are becoming more and more compelling. The inflation indicator has been improving in recent months — this gives grounds for easing monetary policy, Powell noted.

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