Bitcoin Below $27K; Powell Makes Dovish Comments
By Kapil Rajyaguru
Bitcoin continued to hold below $27,000 as U.S. Federal Reserve Chair Jerome Powell said stress in the banking sector might allow the central bank to ease back on rate hikes as it looks to curb hot inflation.
The largest virtual currency by market capitalization was recently trading at around $26,800, up roughly 0.3% in the past 24 hours.
“The financial stability tools helped to calm conditions in the banking sector,” said Powell. “Developments there, on the other hand, are contributing to tighter credit conditions and are likely to weigh on economic growth, hiring and inflation,” he continued. “As a result, our policy rate may not need to rise as much as it would have otherwise to achieve our goals.”
Powell said the assessment of the upcoming interest rate decision will be “an ongoing one” as he previously highlighted in the press conference following May’s Federal Open Market Committee (FOMC) meeting.
Ether, the second-largest Virtual currency by market capitalization, was hovering around $1,810, up 0.8%. Decentralized smart contracts platform Injective Protocol’s INJ jumped 10% for the day to trade at $7.07. Layer 2 blockchain Optimism’s OP was one of the laggards, dropping by 3% to $1.66.
3verse’s IC 15 Index was trading at 37432 points, up by 0.15%.
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