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Powell Says “Pause” Is Temporary; Expert Reveals Reason Behind Bitcoin, Ethereum, Altcoins Rally

US Fed Chair Jerome Powell says the interest rate pause is temporary. Bitcoin and Ethereum prices to continue rallying.
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Powell Says “Pause” Is Temporary; Expert Reveals Reason Behind Bitcoin, Ethereum, Altcoins Rally

The crypto market recorded a broader market recovery on Wednesday, with Bitcoin and Ethereum prices hitting a six-week high. Bitcoin climbs 8% to over $29000, while Ethereum price soars 6% to surpass $1830 in the past 24 hours.

Meanwhile, US Federal Reserve Chair Jerome Powell in a testimony to the US House Financial Services Committee revealed that the interest rate pause is temporary. He added that more rate hikes are likely as inflation remains higher than its target. According to CME FedWatch Tool, the probability of a 25 bps hike at the July 26 FOMC meeting jumped to 80%.

Also Read: JPMorgan, Amazon, IMF, Central Banks Contributes To Singapore Digital Currency Standards

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Crypto Market Recovery: Bitcoin, Ethereum, Altcoins Rally

Traders expected it as another short squeeze event triggering massive market recovery, anticipating that the prices would retrace again. However, CryptoQuant CEO Ki Young Ju revealed that it is not a short squeeze and someone is buying a lot of Bitcoin (BTC).

Bitcoin Short Squeeze Ratio. Source: CryptoQuant

The market recovery fueled by BlackRock iShares spot Bitcoin ETF filing with the US SEC last week led other financial giants to follow with their Bitcoin ETF applications. The positive sentiment continues to rise as institutional shows interest in the crypto market.

Crypto exchange EDX Markets-backed by Citadel Securities, Fidelity Digital Assets, and Charles Schwab announced its launch on Tuesday. Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) led the rally today as these are the only cryptocurrencies supported by EDX Markets. BCH jumps over 20% in the last 24 hours.

Also Read: Terra Luna Classic Core Developer Revises Q3 Proposal, LUNC Price To Rally

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Can Bitcoin Price Hit $35000?

BitMEX co-founder Arthur Hayes is among the first few experts to predict the crypto market rally. He said the US Treasury General Account (TGA) refill’s impact on US dollar liquidity is not as critical as expected and risk assets like Bitcoin price will start to rally soon.

Bitcoin continues to move upside after rebounding from the expected $24,800 support level. Bitcoin price soared above $29,000 today as a result of fresh buying from whales and institutional entry into crypto. BTC price currently trades at $29,100, up 8% in the last 24 hours.

Meanwhile, ETH price also rallied to $1850, up 6%. The 24-hour low and high are $1715 and $1831, respectively. check the key events this week that will impact Bitcoin and Ethereum prices.

Also Read: Ethereum’s New Execution Layer Client Reth With Blazing Fast Benchmarks, ETH To Break $2000

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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