Powell rates talk is the latest catalyst for crypto prices to tick higher today. The market was already in a positive mood and is now on the verge of a breakout. Crypto prices are going up because of Powell’s comments that he doesn’t see a major risk to the US economy and his expectations for continued growth.

The cryptocurrency market has regained its traction and has been flashing green since Federal Reserve Chair Jerome Powell confirmed that inflation is decreasing. The crypto market cap was $1.09 trillion, representing a 2.41% rise in 24 hours. However, the upticks in the cryptocurrency market were confirmed after Bitcoin, the world’s most valuable crypto coin, hit the $23,000 mark. Bitcoin rose 1% to $23,236, while Ether rose OVER 1.3% to $1,667.

Furthermore, the majority of other well-known cryptocurrencies, like Dogecoin (DOGE), Ripple (XRP), and Litecoin (LTC), managed to finish in the green. Meanwhile, the Graph (GRT) token emerged as the top gainer with a noteworthy 24-hour increase of more than 46%.

Another factor that supported the crypto market was the weakening of the US dollar. Despite last week’s very positive job data, the broad-based US dollar sank on Wednesday as Federal Reserve Chair Jerome Powell refrained from significantly tightening his tone on inflation in a carefully expected speech.

Crypto Market Surges After Fed Chair Powell Gives A Less Hawkish Speech

As previously stated, the cryptocurrency market gained significant traction immediately after Federal Reserve Chair Jerome Powell responded to queries about the US economy at the Economic Club of Washington on Tuesday. Powell remarked that the process of lowering inflation has begun, but there is still a long way to go and that this is the very early stages.

Meanwhile, Federal Reserve Chair Jerome Powell anticipates that inflation will significantly decrease by 2023. As a result, the S&P 500 Index has increased by 0.65% in response to the Fed Chair’s remarks, which in turn put a positive impact on the crypto market. On Wednesday, the majority of Asian currencies made small moves as traders digested Jerome Powell’s less hawkish than anticipated remarks.

Bearish US Dollar Underpins Crypto

Despite positive job statistics released last week, Federal Reserve Chair Jerome Powell opted not to appreciably tighten his tone on inflation in an awaited speech, causing the broad-based US dollar to fall on Wednesday. Jerome Powell addressed a forum on economics in Washington, D.C., saying that inflation is coming down, which was seen as one of the key factors that kept the dollar under pressure.

A rally in the dollar followed Friday’s jobs report, which showed that US employment surged last month. The rally lasted only a day and soon lost momentum after China devalued its currency. The US dollar index rose to a one month high on Tuesday as investors basked in their predictions of the Fed’s interest rate hike.

Best Crypto to Buy Today 8 February – MEMAG, FGHT


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Fight Out will shake up the fitness sector with its unique exercise app and new gym locations. Fight Out will leverage Web3 technology to give users individualized training regimens and a supportive community to help them reach their fitness objectives. Fight Out will give customers individualized training schedules and a supportive community to help them reach their fitness objectives by utilizing Web3 technology.

Fitness enthusiasts can maintain their goals using the M2E app’s incentives in the form of REPS tokens. Fight Out is transforming the gym experience with interactive elements, such as user profile displays on “mirrors” and sensors that offer individualized fitness advice and connect directly to the app.

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