Following the revival of technology stocks and stock indices amid comments from Federal Reserve Chair Jerome Powell, Bitcoin, reluctant to separate from these markets, showed some signs of recovery as well, following a steep drop of 22.9% during the previous week.
Bitcoin has recently been under selling pressure after Celcius cryptocurrency lender suspended withdrawals and cryptocurrency fund Three Arrows Capital suffered heavy losses in the aftermath of the LUNA collapse, as well as broader market concerns.
Stocks and bonds rallied after Powell's remarks, as the Fed chief reiterated his commitment to combat inflation, which has now reached a 40-year high. Powell also said he thought economic growth would pick up in the second half of the year. The Federal Reserve raised interest rates by 75 basis points, the highest increase in 28 years, at its June meeting. In July, the rate is expected to rise by another 50-75 basis points.
The flagship cryptocurrency managed to recover by 4%...
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