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Federal Reserve Governor Jerome Powell Hints at Further Interest Rate Hikes and Makes Pro-Crypto Statements During US Congress Hearing

June 22 (Cointime) - Federal Reserve Governor Jerome Powell has indicated that the Fed will likely raise interest rates in order to bring inflation back to 2%, despite concerns from some policymakers about the negative impact on fixed debts, salaries, and small businesses.

During a recent hearing, Powell made positive statements about cryptocurrencies, including acknowledging that stablecoins fully collateralized in dollars can be seen as a form of currency and that cryptocurrencies have the potential to become a new asset class.

Following Powell's remarks, the price of Bitcoin rose 6.5% in a few hours and the Dollar Index experienced a significant drop. This interest in the crypto market from mainstream finance could potentially lead to future expansion.

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