Bitcoin Price Edges Higher as Powell Softens Tone on Day 2 of Congressional Testimony

Markets on Tuesday took Powell’s prepared remarks as suggesting the Fed was likely to hike rates 50 basis points at its March meeting instead of the previously assumed 25. Bitcoin and stocks both saw sizable declines and the dollar a powerful rally following the testimony. The insertion of the “no decision” wording this morning could be an attempt to soothe those hawkish fears.