According to FED Chairman Powell's statements made yesterday evening, the importance of creating a legal framework for stablecoins was mentioned as cryptocurrencies became mainstream. Powell stated that volatility in the markets will continue and hedge funds are reducing their leverage. He also emphasized that reserves are still plentiful but that tariffs could have a bigger impact than expected. Stating that the US national debt is not sustainable, Powell stated that more measures should be taken to ensure financial balance.
At the time of writing, Bitcoin (BTC) is trading at $84,420 and Ethereum (ETH) is trading at $1,603.
The fear and greed index is at the fear level with “30”.
Important developments for the day:
EigenLayer (EIGEN): Slashing update will be launched on the main network.
General Market Activity: European Central Bank interest rate decision will be announced.
