Powell is in no rush to cut interest rates, Bitcoin falls along with technology stocks, ETF news helps ADA rise 10%

Federal Reserve Chairman Powell said he would be patient before further rate cuts, with the Nasdaq, representing tech stocks, falling, while the S&P 500 index rose slightly. Bitcoin and Ethereum fell along with tech stocks. ADA rose 10% in 24 hours on the news that Grayscale had filed for a Cardano spot ETF.

Fed Chairman Powell: Still Not Urgent to Lower Rates

U.S. Federal Reserve Chairman Jerome Powell began two days of congressional hearings, and he said on Tuesday at the Senate Banking Committee that the Fed is still not in a hurry to lower interest rates.

Powell said: "Because our policy stance is now much more accommodative than it was, and the economy remains strong, we don't need to be in a hurry to adjust the policy stance."

This statement is largely consistent with his remarks after the Fed's January policy decision to keep the central bank's key policy rate unchanged. This is because the U.S. labor market remains robust, allowing Fed officials to patiently consider further rate cuts. Powell said on Tuesday that the labor market is "broadly balanced" and "will not be a major source of inflationary pressure," and that inflation expectations "appear to remain stable."

After Powell's remarks, U.S. bond yields continued to rise, while stock prices fluctuated. According to the CME FedWatch index, traders expect the Fed to cut rates again only in July this year, and the rate cut magnitude in 2025 will be only one notch.

The market is awaiting the release of CPI data today.

BTC at 95K, ETF News Boosts ADA by 10%

Yesterday, BTC and ETH fell along with tech stocks.

Proof-of-Reserves data from the world's largest cryptocurrency exchange Binance shows that the exchange may have sold, invested or reallocated up to $8 billion worth of BTC, ETH and USDT from its reserve assets last month, raising market concerns.

(Did Binance liquidate $8 billion in BTC, ETH, USDT reserves? Is it profit-taking or bearish outlook?)

The New York Stock Exchange (NYSE Arca) on 2/10 filed an application with the SEC on behalf of asset manager Grayscale to launch the first U.S. Cardano (ADA) spot ETF. ADA rose 10% yesterday, the best performing among the top 10 cryptocurrencies by market cap.

(Grayscale Files for First U.S. Cardano Spot ETF! Solana, XRP Also on the Way, SEC Attitude Is Key)