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This statement came as part of Powell’s presentation of the Federal Reserve’s Semi-Annual Monetary Policy Report to the House Committee on Financial Services. advertisement Jerome Powell Recognizes the ‘Staying Power’ of Crypto in the US At the hearing, Rep. Warren Davidson (R-Ohio) highlighted concerns about the long-term viability of crypto in the US economy. Davidson pointed out that the crypto market cap in the US stands at approximately $1.1 trillion and asked Jerome Powell if he acknowledged the long-term viability of crypto. In response, Powell stated that crypto does appear to have some ‘staying power’, but he also noted that its market capitalization has decreased over the past year. Notably, the concept of ‘staying power’ as defined by Nasdaq refers to an investor’s ability to remain in the market without selling their position when the investment’s value decreases. Powell’s acknowledgme...

Also Read: Michael Saylor’s MicroStrategy Buys Another 12,333 Bitcoins, Bull Run On? advertisement The central bank chief’s warnings on rate hikes come at a time when a vast majority of traders believe the July 26 meeting of the Federal Open Market Committee (FOMC) would deliver a rate hike. According to the CME FedWatch Tool, an overwhelming 81.8% of the respondents showed confidence of a rate hike. Powell Speech: More Restriction Coming The US Fed Chair participated in a monetary policy forum hosted by the European Central Bank (ECB), along with other global central bank leaders in Sintra, Portugal. The forum has ECB President Christine Lagarde, Bank of England Governor Andrew Bailey and Bank of Japan Governor Kazuo Ueda in attendance. Powell explained that there was a strong majority among the Fed officials to go for two more rate hikes. “We believe there is more restriction coming, driven by the labor market. There is a strong majorit...

“Bringing inflation down is our absolute priority,” says Bank of England Governor Andrew Bailey, after a surprise 50 bps rate hike to tackle persistent inflation. The Monetary Policy Committee comprising nine members of the Bank of England has voted 7-2 in favor of an increase to 5%, marking the highest level in 15 years and the most significant change since February. advertisement Also Read: Ripple Gets Major Payments Institution License in Singapore, XRP Price To $1 US Federal Reserve Chair Jerome Powell in a testimony to the US House Financial Services Committee on Wednesday revealed that the interest rate pause is temporary. He added that further rate hikes are likely if the US economy maintained its current course. On Thursday, Powell in testimony to the Senate Banking Committee will make it clear that the Fed is not done hiking interest rates. The market expects two rate hikes by year-end. According to CME FedWatch Tool, the probability of a 25...