Bitcoin touches $30K, stocks dip ahead of Powell’s Capitol Hill appearance
Cryptocurrencies extended their rally Wednesday morning and equities took a dive into the red as investors kept an eye on Washington for signs of interest rate changes. Bitcoin (BTC) rose another 5% Wednesday afternoon in New York, extending its gains and putting the crypto at more than 13% higher over the past 5 days. Bitcoin briefly surpasses $30,000 before dipping slightly lower. It was trading around $29,870 at time of publication. Ether (ETH) similarly gained 3% Wednesday and is now up close to 8% since June 17. Equities, on the other hand, erased modest gains seen over the past couple of trading days. The Nasdaq Composite and S&P 500 indexes posted losses of 0.7% and 0.5% Wednesday, respectively. Markets will be looking for signs that the Federal Reserve is either done or almost done hiking interest rates, founder of DataTrek Research Nicolas Colas said. Confirmation of this during Fed Chair Jerome Powell’s first day of Congressional testimony Wednesday should be eno...