The coin market is waking up to greener numbers on the charts as digital assets in the crypto directory show soothing numbers. Which are even brighter than traditional savings account interest rates. The sigh of relief comes after Federal Reserve Chairman Jerome Powell’s statement during a Senate Banking, Housing, and Urban Affairs Committee hearing.
However, partisans from the business are now looking forward to a new digital currency legislation. Alongside the updated report on inflation numbers, while the concerns of the death cross remain on the horizon. Successively, the fear and greed index is now at a reassuring score of 22, from the threatening score of “10” a couple of days ago.
Is the market emerging from its shadow?
The crypto market is retracing its way to optimistic levels. While the market capitalization of the industry stands at $2.13 billion, starting from the mind-numbing market capitalization of less than $2 billion. Bitcoin, Ethereum and other altcoins saw notable gains. While the recent address activity of BTC and ETH was mostly flat. Other cryptos depicted vivid numbers.
Successively, the relief in the market comes after the recent hearing of the Senate Banking, Housing, and Urban Affairs Committee. Where Federal Reserve Chairman Jerome Powell cited an optimistic statement over dollar stables and future CBDCs. The chairman believes, there’s enough room for privately issued stable coins to exist alongside a plausible digital currency from the central bank.
This provides a glimmer of hope as the industry has seen regulators being skeptical and pessimistic towards stablecoins. Since stablecoins are an integral part of business practices in the coin market, the statement is optimistic for the space. While the matter with mainstream cryptos remains in the dark. The Fed is expected to release a report on digital currencies in the coming weeks.
Partisans from the business are now curious over the new legislation of digital currencies, and updated inflation numbers. As there will be no balance sheet reduction for the moment, and low-interest rates are to sustain for coming years. On the other hand, the concerns of Bitcoin’s death-cross prevails, as it remains on the horizon.
In summary, the statement on stablecoins is bullish for the industry and will be imperative for the fortunes of the company. Moreover, countries that are eagerly awaiting the existence of crypto, adoption policies on it will be optimistic in the long run. However, a possible decline should be less of a concern, as the extent of adoption, usefulness and acceptance will be imperative in the industry being an exception to the characteristics of other investment markets.
