Powell Says Fed Is “Prepared To Increase The Pace Of Rate Hikes” – March 7

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$22,301

Bitcoin price has fallen slightly following Federal Reserve chair Jerome Powell’s hawkish remarks to Congress.

Top-20 altcoins are also mostly down over the last 24 hours, as Ether drops 1%, BNB remains unchanged, and XRP is the sole outlier with a 3% gain.

Top Stories for March 7, 2022 🔥

👉 Powell Says Fed Is “Prepared To Increase The Pace Of Rate Hikes”

Federal Reserve Chair Jerome Powell’s testimony to Congress initially caused markets to drop, as he indicated that interest rates could go higher than previously expected.

He noted that economic data has come in stronger than anticipated, suggesting that the ultimate level of interest rates will likely be higher than anticipated. Bitcoin and Ether both experienced a drop before rebounding slightly.

Powell’s hawkish comments indicate that the U.S. central bank is prepared to increase the pace of rate hikes. He also noted that to restore price stability, there will likely be some softening in the labor market.

👉 Judges Question SEC’s Logic In Grayscale ETF Hearing

Grayscale’s bid to convert its Bitcoin Trust into an exchange-traded fund (ETF) was the subject of an appeals court hearing, during which judges appeared skeptical of the SEC’s  arguments.

Grayscale argued that the SEC’s denial of its ETF application was arbitrary and asked to be regulated by the SEC through the conversion. The judges questioned the SEC’s position that bitcoin futures ETFs were more resistant to manipulation than spot bitcoin markets.

The apparent skepticism of the judges is sending Grayscale’s shares higher by 5%, further narrowing the closed-end fund’s discount to net asset value.

👉 WeChat Integrates China’s CBDC For Payments

China’s leading social networking and payment app, WeChat, has added China’s central bank digital currency (CBDC), the digital yuan, to its payment services.

WeChat Pay users can now use the digital yuan to make payments on certain WeChat mini-programs and other platforms. The move aims to broaden the appeal of the digital yuan and makes WeChat the second payment platform to support the fast payment function of the digital yuan wallet after Alipay.