India, Feb. 12 -- Cryptocurrencies lost heavily in the past 24 hours as markets digested the interest rate guidance contained in Fed Chair Jerome Powell's Senate testimony on Tuesday. Anxiety ahead of the release of the monthly CPI data from the U.S. on Wednesday morning also weighed on sentiment. Overall crypto market capitalization declined more than 2 percent overnight.
In his testimony before the U.S. Senate's Committee on Banking, Housing, and Urban Affairs on Tuesday, Jerome H. Powell, Chair of the Board of Governors of the Federal Reserve System opined that the Fed did not need to be in a hurry to adjust its policy stance. He acknowledged that the Fed's policy stance was now significantly less restrictive than it had been, and that ...