Binance coin and Dogecoin jump

SAFAKNA TURKEY – Bitcoin rose on expectations of a speech by Fed Chairman Jerome Powell that could bolster expectations of a slower pace of U.S. rate hikes.

The largest token rose by as much as 3.7 percent. As of 10:41 am in Singapore, it was trading at around $17k10, a two-week high. Binance Coin and Dogecoin also jumped, with Ether up over 4%.

Powell will speak at an event hosted by the Brookings Institution and is expected to echo other Fed officials’ remarks about a half-point rate hike at the last meeting of the year after four consecutive 75 basis point hikes. The rapid tightening of monetary policy was the main trigger for the 63 percent decline in the digital asset index this year.

Hayden Hughes, CEO of social trading platform Alpha Impact, said: “There has been increasing comment in recent days on the notion that the Fed will only raise rates by 50 basis points. “With crypto typically outperforming other asset classes as the mid-December Fed meeting approaches, we could see equities rally.”

Cryptocurrency markets have been fairly resilient since the downturn, when Sam Bankman-Fried’s FTX crypto empire went bankrupt earlier this month. However, there are still fears that the collapse will spread to other companies in the digital asset sector.