Fed fuelled interest for crypto hint working on the blockchain

The Bitcoin held above $10,000 for a few days, and that’s the good news. The ability to stay above the threshold also supports the demand for altcoins. Thus, Ethereum (ETH) has grown by 30% in the last seven days. Other coins have also been growing steadily in price. Altcoins are growing faster than the benchmark cryptocurrency, which leads to a decline in the BTC domination index, which dropped to 61.7% – the lowest in the last seven months.

It’s interesting to see what contributed to the $500 sharp rebound of the benchmark cryptocurrency.

Crypto community agrees that the main driver was the speech of the Fed governor. Market participants have concluded that the US Federal Reserve perceives cryptocurrencies as a severe threat to the status of the dollar as a global reserve currency. Besides, in Powell’s speech, there may have been hints of creating its rival to the Chinese digital yuan, which again would be logical, after the strict steps of regulators…