The head of the Federal Reserve Jerome Powell will testify on the Semiannual Monetary Policy Report on Tuesday and Wednesday
Bitcoin leaps to $7,000
On Tuesday, Bitcoin managed to jump, getting to a three-week maximum of $7,044.35. The most popular cryptocurrency is on track for five winning trading sessions out of the latest six.
The number one crypto asset has demonstrated a 20% rebound from its August 14 minimum. The currency pair BTC/USD hit $7,026.64, adding by about 4.5% on the Kraken exchange.
Bitcoin’s jump became possible because the evergreen buck is currently facing a losing period that has caught the eye of market experts.
A subsidiary of Morgan Creek Capital Management, Morgan Creek Digital came up with the announcement of the start of a digital asset index fund. Eventually, the fund that appears to be in broad cooperation with San Francisco-based Bitwise Asset Management, can be defined as a market cap-weighted pack of the leading 10 crypto assets, excluding Stellar and Ripple because they offer a central supply of more than 30%.
As a matter of fact, the newly-created fund will boast a minimum buy-in of $50,000 and this week it’s going to start accepting subscriptions. That’s what Bitwise CEO, named Hunter Horsley disclosed.
Besides this, in early Tuesday, altcoins managed to extend their profits in New York.
Altcoins, which appear to be crypto assets alternative to Bitcoin, managed to rally on Tuesday. For example, the currency pair ETH/USD tacked on by up to 4% demonstrating a reading of $287.94. Furthermore, the currency pair BCH/USD rallied by 3.9% hitting $551.80. As for Litecoin, the currency pair LTC/USD jumped by 5.5% being worth $60.96. The currency pair XRP/USD hit 35 cents, adding 6%.
As for futures, they’re tracking spot prices up. The Cboe Global Markets Inc.’s September delivery contract XBTU8, rallied by up to 4.8% reaching $7,040. The CME Group Inc. August delivery contract BTCQ8 jumped by 4.5% being worth $7,030.
The United States will publish the non-farm employment change, also known as non-farm payrolls (NFP) at 15:30 MT time on February 7.
The level of non-manufacturing PMI for the United States by the Institute of Supply Management will be published at 17:00 MT time on February 5.
The Federal Open Market Committee will publish its meeting minutes on February 19, at 21:00 MT time.
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