{"id":15078,"date":"2024-07-10T10:16:32","date_gmt":"2024-07-10T07:16:32","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-rallies-following-fed-chairs-remarks\/"},"modified":"2024-07-10T10:16:32","modified_gmt":"2024-07-10T07:16:32","slug":"bitcoin-rallies-following-fed-chairs-remarks","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitcoin-rallies-following-fed-chairs-remarks\/","title":{"rendered":"Bitcoin Rallies Following Fed Chair’s Remarks"},"content":{"rendered":"

The price of the leading cryptocurrency climbed back above $59,000 following a speech<\/a> by Federal Reserve Chair Jerome Powell<\/span> in the Senate.<\/p>\n

Bitcoin’s value rose by 3.3% over the past day. The market capitalization increased by 2.5%, reaching $2.23 billion.<\/p>\n

\"Cryptocurrency-Prices-Charts-and-Crypto-Market-Cap-CoinGecko-Google-Chrome-8\"
Data: CoinGecko<\/a>.<\/figcaption><\/figure>\n

Ethereum’s price exceeded $3100. Despite a 7.6% decline over the past week, it has seen a 67% increase year-on-year, according to data<\/a>.<\/p>\n

\"ETHUSDT_2024-07-10_10-05-44\"
Hourly ETH\/USDT chart on Binance. Data: TradingView<\/a>.<\/figcaption><\/figure>\n

Following Bitcoin, all major altcoins turned “green.” Key stock market indices such as the S&P 500<\/a> and Nasdaq 100<\/a> strengthened by approximately 0.2% over the past day.<\/p>\n

During the Banking Committee hearing, Powell stated that the U.S. economy is “no longer overheated,” and the labor market has “significantly cooled” compared to the pandemic era.<\/p>\n

He noted that the arguments for lowering interest rates are becoming increasingly compelling. The inflation rate has improved in recent months, providing grounds for easing monetary policy, Powell remarked.<\/p>\n

Earlier, Citi forecasted the start of a cycle of Federal Reserve rate cuts in September.<\/p>\n","protected":false},"excerpt":{"rendered":"

The price of the leading cryptocurrency climbed back above $59,000 following a speech by Federal Reserve Chair Jerome Powell in the Senate. Bitcoin’s value rose by 3.3% over the past day. The market capitalization increased by 2.5%, reaching $2.23 billion. Data: CoinGecko. Ethereum’s price exceeded $3100. Despite a 7.6% decline over the past week, it […]<\/p>\n","protected":false},"author":1,"featured_media":15077,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,1249,1440],"class_list":["post-15078","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-federal-reserve-system","tag-jerome-powell"],"aioseo_notices":[],"amp_enabled":true,"views":"12","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/15078","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=15078"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/15078\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/15077"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=15078"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=15078"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=15078"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}