India, June 26 -- Positive sentiment returned to crypto markets amidst renewed hopes of a dovish stance by the Fed. Sentiment improved following Fed Chair Jerome Powell's congressional testimony that boosted market expectations of an early rate cut by the Fed.
Markets in the meanwhile await the final first quarter GDP reading due on Thursday and the Fed's preferred PCE-based inflation readings for the month of May due on Friday.
The CME FedWatch tool that tracks the expectations of interest rate traders currently shows the likelihood of a quarter-percent rate cut by the Fed in late July at 24.8 percent. It was at 12.5 percent a week ago.
Strong inflows to digital asset investment products also supported sentiment. The CoinShares digital ...