The coin market wakes to greener numbers on the charts, as digital assets from the crypto directory exhibit alleviating numbers. Which are still brighter than the traditional interest rates of savings accounts. The sigh of relief comes after Federal Reserve Chairman Jerome Powell’s statement in a hearing of the Senate Banking, Housing, and Urban Affairs Committee.
However, partisans from the business are now looking forward to a new digital currency legislation. Alongside the updated report on inflation numbers, while the concerns of the death cross remain on the horizon. Successively, the fear and greed index is now at a reassuring score of 22, from the threatening score of “10” a couple of days ago.
Is The Market Rising From Its Shadows?
The crypto market is retracing its path to optimistic levels. As the market cap of the industry rises to $2.13T, from the mind-numbing sub $2 T market cap. Bitcoin, Ethereum, and other altcoins witnessed notable gains. While the recent address activity of BTC and ETH was mostly flat. Other cryptos portrayed vivid numbers.
Successively, the relief in the market comes after the recent hearing of the Senate Banking, Housing, and Urban Affairs Committee. Where Federal Reserve Chairman Jerome Powell cited an optimistic statement over dollar stables and future CBDCs. The chairman believes, there’s enough room for privately issued stable coins to exist alongside a plausible digital currency from the central bank.
This gives a ray of hope, as the industry has witnessed regulating authorities being skeptical and pessimistic about stable coins. Since stable coins are an inherent part of trade practices in the coin market, the statement is bullish for space. While the matter with mainstream cryptos remains in the mist. The Fed is expected to publish a report on digital currencies in the coming weeks.
Partisans from the business are now curious over the new legislation of digital currencies, and updated inflation numbers. As there will be no balance sheet reduction for the moment, and low-interest rates are to sustain for coming years. On the other hand, the concerns of Bitcoin’s death-cross prevails, as it remains on the horizon.
Summing up, the statement on stable coins is bullish for the industry and will be imperative in the business’s fortunes. In addition, countries looking forward to crypto’s existence the enacting policies about it will be bullish in the long run. However, a possible dip should be less of a concern, as the extent of adoption, utility, and acceptance will be imperative in the industry being an exception to the traits of other investment markets.