Fed Chair Jerome Powell says interest rates may go higher, Bitcoin triggers rollercoaster reaction
Federal Reserve Chair Jerome Powell on Tuesday presented his views on what the market can expect going forward in terms of rate hikes in his testimony in the US Congress, in front of the US Senate Committe on Banking, Housing and Urban Affairs. Powell stated that so far, there has been very little evidence of disinflation in the core services and that if the totality of the incoming data indicates that faster tightening is required, the rate hikes could accelerate.
Polkadot (DOT), Cardano and other altcoins are all plagued by the next big element that could trigger an existential crisis for the crypto industry. With payment service provider Silvergate exiting the crypto industry, the payment service network is at risk of breaking down. After FTX and Terra's LUNA, this could be that one crisis too many for investors to bear, leading them to evacuate their cash out of altcoins.
Cardano (ADA) price is under pressure as the crypto community sees one of the biggest and leading payment services in the sector back out. The Silvergate Capital situation looks to be the next big failure after the FTX meltdown and Terra’s LUNA collapse. Bullish sentiment faces harsh headwinds and looks set to snap lower, completing the bearish triangle in its path.
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