The rest of the market is recording gains of over 4% led by Avalanche (4.2%), Cardano (3.6%), Binance Coin (2.3%) and Shiba Inu (1.4%).
The words of the Chairman of the Federal Reserve (Fed), Jerome Powell, pushed the Bitcoin to recover and settle at the level of US$58,000. Analysts believe that the Central Bank is getting closer to cutting rates and all cryptocurrencies are registering increases. The rest of the market registers gains of more than 4% led by Avalanche (4.2%), Cardano (3.6%), Binance Coin (2.3%) and Shiba Inu (1.4%).
Powell The Fed said Tuesday that it needs “more good data” on inflation to be able to start cutting interest rates, but acknowledged that “the most recent inflation readings have shown some modest progressand more good data would strengthen our confidence.”
Dollar weakness improves outlook for Bitcoin
Oxford Economics analysts say the Fed Chairman’s testimony “It is further evidence that the central bank is moving closer to cutting interest rates” and are “increasingly confident in our forecast that it will cut in September.”
The market views Powell’s economic comments as balanced and the cryptocurrencies have reacted upwards. Bitcoin, in particular, is up more than 1.4%. In this way, BTC is rebounding after having touched lows of more than four months. Added to this is the recent weakness of the dollarwhich also offered some relief to the bitcoin price.
However, Julius Baer warns that “Volatility will persist for the foreseeable future” In Bitcoin, “a quick reversal and resumption of the record-breaking streak seems quite unlikely at this point,” they say.
For its part, the Ethereum has again crossed the threshold of US$3,000 with increases close to 1%, a psychological barrier that can help show signs of renewed confidence among investors, as the market awaits the SEC’s approval of issuers’ applications for a spot Ether ETF, which could happen in mid-July.
Source: Ambito
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