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Bitcoin (BTC) and Ethereum (ETH) prices recovered a little after the market sentiments improved on the back of positive comments from Fed Governor Christopher J. Waller and SEC Chairman Gary Gensler.
Prices of major cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH) jump 5% and 11%, respectively, as the FUD on a 100 bps hike eases.
Crypto Market Jumps on Fed Governor Comments
Several Federal Reserve officials expect a 75 bps rate hike, turning down the possibility of a 100 bps hike in July end. Also, Fed Governor Christopher Waller believes another 75 bps hike remains most appropriate. However, data on retail sales and housing due before the July 26-27 Fed policy meeting could push a 100 bps hike.
The crypto and U.S. stock markets reacted to the news and jumps higher. However, both markets still remain under pressure due to uncertainty as the U.S. CPI data jumps to a 40-year-high. Last week, the initial jobless claims increased by 9K to 244K amid job cuts across both markets, with economic uncertainty rising swiftly.
Many Fed Reserve Board members believe they currently don’t agree with raising interest rate by 100 bps as the energy prices are falling. Waller said getting prices down is the foremost mission of the Fed now.
According to the CME FedWatch Tool, the probability of a 75 bps rate hike is 53.6%, while for 100 bps it’s 46.4%. On the day of inflation data, the probability of a 100 bps Fed rate hike jumped over 80%.
The crypto market turned green after the statement from Waller, with a total market cap up 3.68% at $926.60 billion. In the last 24 hours, Bitcoin (BTC) and Ethereum (ETH) prices made a high of $20,789 and $1214, respectively, on the back of strong trading volumes.
Bitcoin (BTC) and Ethereum (ETH) Rally As SEC Chair Supports
Securities and Exchange Commission (SEC) Chair Gary Gensler today promised to ease some securities laws for crypto firms to help the crypto industry increase compliance. He stated the agency could use executive authority to regulate crypto for disclosure and investor protection.
He thinks companies, including crypto lending and trading platforms, must work with the SEC to unleash their full potential. Also, he pointed out that companies are offering unregistered securities, which increases risks for investors.
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