Powell Says "Pause" Is Temporary; Expert Reveals Reason Behind Bitcoin, Ethereum, Altcoins Rally
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%. advertisement Also Read: JPMorgan, Amazon, IMF, Central Banks Contributes To Singapore Digital Currency Standards 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 w...