$BTC climbed upwards but retraced most of the gains as Fed Chair Powell spoke. As of now, $BTC is trading at $84,032 and $ETH is trading at $1,577. Bitcoin dominance stands at 63.94%.
Powell noted that recent tariff hikes, significantly larger than anticipated, are likely to drive higher inflation and slower economic growth, with potential disruptions to supply chains (see below). On crypto, he highlighted its growing mainstream adoption, especially stablecoins, and stressed the need for a regulatory framework to protect consumers while supporting innovation.
A few other headlines include: VanEck aims to launch a crypto-related investments ETF next month, Galaxy Ventures Fund I LP has exceeded its initial $150 million fundraising target, and Raydium has announced the launch of its token launch tool, LaunchLab.
Over the past 24 hours, the top three gainers were $LAYER, $CORE, and $RAY, while the top three losers were $OM, $MOVE, and $VENOM.
