- Bitcoin just missed Monday’s all-time high and fell in early morning trading.
- Meanwhile, U.S. stock futures fell as investors awaited Jerome Powell’s testimony to Congress.
- The Fed chair’s comments could provide a clue as to where interest rates are headed.
Bitcoin’s rally toward a new all-time high stalled in premarket trading on Tuesday, with U.S. stock futures falling as investors awaited comments from Federal Reserve Chairman Jerome Powell.
Major cryptocurrencies fell 1.3% to below $67,000 just before 5:30 a.m. ET.
Buoyed by the Securities and Exchange Commission’s approval of 11 spot ETFs and investor excitement over the upcoming “halving” event, stocks have rallied significantly over the past month and hit record levels in recent days. It is approaching.
Futures prices for the S&P 500, Nasdaq 100 and Dow Jones Industrial Average all fell as investors focused on China’s overwhelming growth targets and awaited Mr. Powell’s testimony before the House Financial Services Committee. He is scheduled to appear on Wednesday.
Chinese government says it is targeting 5% economic growth However, Premier Li Qiang acknowledged that achieving that goal will not be easy.
Hong Kong’s Hang Seng stock closed 2.6% lower as investors reacted to the comments.
Traders are now focused on Chairman Powell’s testimony to Congress, which could provide further clues to the market about the Fed’s interest rate stance.
Inflation fell last year thanks to the central bank’s aggressive tightening policies, but it remains well short of policymakers’ goal of 2%.
