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HomeLatest NewsGlobal NewsBitcoin's Price Swings Dominate Market Talk Ahead of Powell's Testimony.

Bitcoin’s Price Swings Dominate Market Talk Ahead of Powell’s Testimony.

Bitcoin’s Price

S&P 500, Nasdaq 100, and Dow futures all rose 12 points, 0.2%, 0.5%, and 0.1%, respectively.

Fed Powell to testify

Jerome Powell is anticipated to remain hawkish during Wednesday and Thursday’s carefully monitored congressional appearance.

The Fed Chair’s Capitol Hill questioning follows many central bank officials’ statements that they are not in a hurry to drop interest rates from two-decade highs owing to sticky inflation. Since 2022, U.S. price inflation has slowed but remained over the Fed’s 2% objective.

Recent data suggests the U.S. economy is resilient, allowing the Fed more space to raise rates. Job openings data later today and the February nonfarm payrolls report on Friday will give further clues.

After entering 2024 with anticipation that the Fed would cut rates early, investors now expect a 25 basis-point decrease in June.

Bitcoin recovers.

Bitcoin recovered most of its losses in early European trade on Wednesday as persistent capital flows into U.S. spot exchange-traded funds and expectation of a “halving” event kept buyers in play.

Investing.com statistics showed the world’s largest cryptocurrency trading up 1.5% at $67,229.5 by 03:26 ET after hitting a new high of $69,063 on Tuesday. After reaching the high, the token plummeted below $59,000 before recovering.

Bitcoin has been boosted by consistent capital flows into spot ETFs monitoring its price. Investors also watch the “halving” event, which will cut Bitcoin production in half, restricting supply.

Gold prices also fell after reaching record highs, suggesting speculators may be seeking refuge as the stock market risks a downturn.

By 03:28 ET, spot gold fell 0.1% to $2,126.88 an ounce and April gold futures fell 0.3% to $2,134.75. On Tuesday, spot gold touched a record $2,142.15 an ounce and gold futures $2,150.50.

Biden, Trump rule Super Tuesday.

On Super Tuesday, U.S. President Joe Biden and his predecessor Donald Trump won party primaries in several states, ensuring a White House rematch.

Trump won in California and Texas, delegate-rich states, pressuring his largest Republican opponent, Nikki Haley, to get out. Per the Associated Press, Haley won just Vermont.

The Democratic caucus of American Samoa, a small South Pacific country, was Biden’s sole loss.

Although the results make a 2020 presidential campaign rerun likely, many people are concerned about the age and popularity of 81-year-old Biden and 77-year-old Trump.

Economic Calendar

  • 7:00 MBA Mortgage Applications
  • 8:15 ADP Jobs Report
  • 10:00 Job Openings and Labor Turnover Survey
  • 10:00 Jerome Powell Speech
  • 10:00 Wholesale Inventories (Preliminary)
  • 10:30 EIA Petroleum Inventories
  • 12:00 PM Fed’s Daly Speech
  • 2:00 PM Fed’s Beige Book
  • 4:15 PM Fed’s Kashkari Speech

Other Key Events:

  • Goldman Sachs Annual Disruptive Technology Symposium, 3/6-3/7, in London
  • Morgan Stanley Energy & Power Conference, 3/4-3/7 in New York
  • Morgan Stanley Technology, Media & Telecom Conference, 3/4-3/6, in San Francisco, CA
  • RBC Capital Global Financial Institutions Conference, 3/5-3/6, in New York
  • TD Cowen 44th Annual Health Care Conference, 3/4-3/6, in Boston, MA
  • China Imports, Exports and Trade Balance for February
  • President Biden hold State of the Union address 9:00 PM ET.

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