The cryptocurrency market is tense awaiting critical economic data and Federal Reserve testimony that could significantly impact the market.
Jerome Powell's Testimony
Federal Reserve Chair Jerome Powell will address the House Financial Services Committee on February 11, providing insights into the Fed’s monetary policy. Powell's congressional hearings through Wednesday will discuss interest rates, inflation, and macroeconomic situations, potentially influencing investors' expectations regarding Federal Reserve decisions on interest rates.
Impact of CPI Data on Crypto Market
The Consumer Price Index (CPI) data for January will be released on February 12 at 8:30 a.m. ET. High levels of inflation found in the report could dampen expectations of early rate reductions, putting pressure on digital assets.
Crypto Market Performance and Investor Sentiment
Bitcoin remains between $95,000 and $100,000. Ethereum showed an increase to $2,645. Slight rises are noted in Solana and Monero's prices, while XRP and BNB saw declines.
The market continues to adapt to upcoming data releases and statements, remaining in anticipation of volatility.
