U.S. Treasury Secretary Yellen to Testify in Congress

Janet Yellen, U.S. Treasury Secretary, will testify on May 7 at a congressional hearing.

Yellen’s testimony could influence regulatory measures and market volatility, with potential effects on leading cryptocurrencies.

Yellen’s Testimony: Crypto Markets Brace for Impact

Janet Yellen’s upcoming May 7 congressional testimony involves critical scrutiny of fiscal and monetary policies. Market sources reveal this action aims to address pressing regulatory concerns. Yellen is anticipated to focus on enhancing transparency and the integrity of monetary policies.

“The SEC is continuing its cautious approach, delaying ETF approvals and scrutinizing custody issues, indicating that Yellen’s testimony may be part of a broader wave of regulatory focus on custody and crypto policy,” according to available official sources and government portals.

This upcoming hearing affects a range of market participants. While no financial obligations have been confirmed, investors are on alert for potential volatility linked to regulatory pronouncements.

Bitcoin and Ethereum: Volatility Expected Following Yellen’s Statements

Did you know? Previous appearances by financial policymakers have touched off chain reactions in major digital assets, with noticeable volatility spikes in Bitcoin and Ethereum.

According to CoinMarketCap, Bitcoin (BTC) currently trades at $94,810.40, with a market cap of $1.88 trillion and a market dominance of 63.45%. The cryptocurrency has experienced a 1.34% increase over the past 24 hours and a significant rise of 12.39% in the past week. The total trading volume over the last 24 hours stands at $41.76 billion, reflecting a change of 38.84%. The supply of Bitcoin in circulation is 19,856,165, approaching its maximum supply of 21 million coins.

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Analysts from the Coincu research team highlight ongoing uncertainty originating from Yellen’s testimony. There is a significant focus on potential regulatory shiftspossibly leading to heightened short-term crypto market volatility. Historical trends indicate similar patterns, with layers of market fluctuations surrounding regulatory announcements.