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Ada Rally, Bitcoin looks at Powell’s testimony in Congress

cryptobizinvest.com February 11, 2025

0 0 6 minutes read

By Omkar Godbole (at all times and unless indicated otherwise)

Cardano’s Ada is a higher trade, reinforced by the recent application of the Grayscale ETF spot, while Bitcoin (BTC) remains rangbound in an countless crypto market as we prepare for the testimony of Federal Reserve Jerome Jerome Powell in Congress.

Powell takes on stage At Capitol Hill later Tuesday for his semi-annual financial policy update. He will start in the Senate and repeat his performance in the House of Representative on Wednesday.

The testimony is likely to make a little to survive the BTC’s revolt. Consensus Powell will promote his data relying on the data, re-stated that the central bank is not in a hurry to cut interest rates anytime soon and keen on observing more -It with inflation.

Data shared by Lisa Abramowicz of Bloomberg Shut up Inflation rates implemented in the market for the next two to five years have risen to their highest levels since early 2023. Meanwhile, President Donald Trump’s tariffs may support inflation. The CME’s Fedwatch The tool is currently showing entrepreneurs expecting 50 basic points only to cuts by the end of next year, significantly lower than the Federal Open Market Committee (FOMC) outlined in forecasts in December.

However, there is a hope glimmer: if the release of the consumer index price (CPI) on Wednesday is weaker than expected, it can create some opposite volatility.

In other news, Japanese mobile-game studio Gumi said It plans to buy Bitcoin worth 1 billion yen ($ 6.6 million), following the leadership listed in Tokyo. Metaplanet initiated BTC purchase last year and its shares Strength A fatigue of 4,800% in 12 months.

Social media continues Buzz with debate Over the imbalance in the Ethereum ecosystem, where layer-2 scaling products maintain most of the generated income while contributing only a small percentage back to the foundational layer. Meanwhile, Solana, Continue outshine Ethereum and other smart-contract blockchains in decentralized amounts of trading and income.

In traditional markets, gold takes bull breather while copper, often seen as proxy for global economic health, is less trading, snaping a six-day win. Stay alert!

What to watch

Crypto
Macro
- Feb. 11, 10:00 AM: Fed Chair Jerome Powell delivers his semi-annual report to the US Senate Committee on Banking, Housing, and Urban Affairs. LIVESTREAM LINK.
- Feb. 11, 2:30 pm: The Subcomm Committee of US House Financial Services (“Digital Assets, Financial Technology, and Artificial Intelligence”) Hearing Title “A Golden Age of Digital Assets: Charting a path forward.” Witnesses include Jonathan Jachym, who is a representative of Kraken’s general advice. LIVESTREAM LINK.
- Feb. 12, 8:30 AM: The US Bureau of Labor Statistics (BLS) released a Consumer Price Index (CPI) report of January.
  - Core inflation rate mom est. 0.3% compared to Prev. 0.2%
  - Core inflation rate yoy est. 3.1% compared to prev. 3.2%
  - Inflation rate mom est. 0.3% compared to Prev. 0.4%
  - The rate of inflation yoy est. 2.9% compared to Prev. 2.9%
- Feb. 12, 10:00 am: Fed Chair Jerome Powell delivers his semi-annual report to the US House Committee on Financial Services. LIVESTREAM LINK.
- Feb. 13, 8:30 AM: The US Bureau of Labor Statistics (BLS) released a January Producer (PPI) report.
  - Core ppi mom est. 0.3% compared to Prev. 0%
  - Core ppi yoy est. 3.3% compared to Prev. 3.5%
  - PPI mom est. 0.3% compared to Prev. 0.2%
  - Ppi yoy prev. 3.3%
- Feb. 13, 8:30 AM: The US Department of Labor Department released a report of unemployment insurance for the week ended on Feb. 8.
  - Initial claims of unemployment. 216K compared to prev. 219K
We are
- Feb. 11: Exodus Movement (Exod), post-market, $ 0.14 (2 ests.)
- Feb. 11: Hive Digital Technologies (Hive), post -market, $ -0.15
- Feb. 12: Anniversary 8 (Kubo), pre-market, $ 0.05
- Feb. 12: Irish (Iron), Post -Market, $ -0.01
- Feb. 12: Reddit (Red), post-market, $ 0.25
- Feb. 12: Robinhood Markets (Hood), Post-Market, $ 0.41
- Feb. 13: Coinbase Global (Coin), post-market, $ 1.89
- Feb. 14: Remixpoint (Tyo: 3825)

Events with the token

Votes and Management Calls
- AAVE DAO discusses Recognizes hyperlend As a friendly AAVE fork that is deployed to the Hyperliquid EVM chain, as well as the expansion of AAVE V3 in ink, Kraken’s Layer-2 Rollup Network.
- Sky Dao discusses, among other things, Onboarding arbitrum one In the layer of spark liquidity, increased PSM2 rate limits at the base and mination 100 million USDs worth susds at the base to accommodate network growth.
- Morpho Dao discussed a 25% Reducing Morpho Rewards In both Ethereum and Base after another cut occurred on January 30.
- Dydx Dao votes on Dydx Treasury Subdao Taking Control Stdydx Within the treasury of the protocol community and any tokens accumulated through automatic compounding staking rewards.
- Feb. 12 2 PM: Render (Render) to Host an AI Scout Discord Father Session.
Unlocks
- Feb. 12: Aethir (ATH) to unlock 10.21% of the shifting -shift supply worth $ 23.80 million.
- Feb. 14: The sandbox (sand) to unlock 8.4% of the circulating -shifted supply worth $ 80.2 million.
- Feb. 16: Arbitrum (ARB) to unlock 2.13% of the shifting -shifted supply worth $ 42.93 million.
- Feb. 21: Quick token (FTN) to unlock 4.66% of the switch -shifted supply worth $ 78.8 million.
Launching a token
- Feb. 12: Avalon (AVL) listed bybit.
- Feb. 12: Game7 (G7) listed bybit, Gate.ioHashkey, Mexc, XT, and Kucoin.
- Feb. 13: Ethereumpow (ethw) and polygon (matic) that are no longer supported in the derivit.

Conferences:

CoinDesk’s agreed to take place Hong Kong in February. 18-20 And to Toronto on May 14-16. Use a codebook code and save 15% on passes.

Derivatives positioning

Near 10% Litecoin price climb over the past 24 hours has been accompanied by a 18% increase in eternal futures open interest. HBAR, UNI has also seen noticeable increases in open interest, according to Velo data.
Speaking of timeless funding rates, Sol, Sui finds negative readings on a sign of bias for short positions.
At 11%, the basis of ETH’s CME futures is larger than BTC’s, which can draw on merchants, resulting in a strong revolt for ETFs of Ether.
The BTC, the ETH puts the skews in the derivit is a bit break. The flows are that -mute.

Market Movements:

BTC reached 0.62% from 4 pm ET Monday to $ 97,989.64 (24hrs: +0.27%)
ETH is up to 0.53% to $ 2,702.45 (24hrs: +2.07%)
CoinDesk 20 is up to 1.79% to 3,269.36 (24hrs: +1.77%)
The ether CESR composite staking rate is up to 8 bps to 3.05%
BTC funding rate is at 0.01% (10.95% annual) in Binance

DXY does not change to 108.31
Gold is up to 0.58% to $ 2,931.2/oz
Silver drops 0.74% to $ 32.15/oz
Nikkei 225 closed unchanged at 38,801.17
Closed by Hang Seng -1.06% to 21,294.86
FTSE does not change to 8,767.36
Euro Stoxx 50 is up to 0.1% to 5,363.27
DJIA closed Monday +0.38% to 44,470.41
S&P 500 closed +0.67% in 6,066.44
NASDAQ closed +0.98% in 19,714.27
The S&P/TSX composite index is closed +0.85% to 25,658.9
S&P 40 Latin America closed +0.77% to 2,428.87
US 10-year Treasury Rate does not change to 4.49%
E-Mini S&P 500 futures dropped 0.33% to 6,068.5
E-Mini Nasdaq-100 Futures dropped 0.47% to 21,743.5
E-Mini Dow Jones Industrial Average Index Futures dropped 0.21% to 44,488

Bitcoin Stats:

BTC Dominance: 61.21% (-0.59%)
Ethereum in Bitcoin Ratio: 0.02752 (0.77%)
Hashrate (seven-day average move): 802 eh/s
HASHPRICE (spot): $ 53.19
Total Fees: 4.58 BTC / $ 445,648
CME Futures Open Interest: 166,695 BTC
BTC that is priced at gold: 33.3 oz
BTC vs Gold Market Cap: 9.46%

Technical analysis

Bitcoin's monthly chart. (TradingView/CoinDesk) — Bitcoin’s monthly chart. (TradingView/CoinDesk)

The BTC’s monthly chart serves as a good description of how trendlines act from major price points as support levels.
Over the past two months, the downside has continued to be trapped by around $ 90,000. This level was defined by a trendline connecting Twin Peaks from 2021.

Crypto equities

Microstrategy (MSTR): Closed on Monday at $ 334.62 (+2.16%), up to 0.15% to $ 335.11 in the pre-market.
Coinbase Global (coin): closed at $ 280.22 (+2.09%), up to 0.23% to $ 280.86 in pre-market.
Galaxy Digital Holdings (GLXY): Closed to C $ 27.24 (+1.3%)
Mara Holdings (Mara): closed at $ 16.76 (unchanged), up to 0.36% to $ 16.82 in pre-market.
Riot platform (Riot): closed to $ 11.63 (-0.1%), down 0.1% to $ 11.62 in pre-market.
Core Scientific (Corz): closed at $ 12.82 (+2.07%), up to 0.1% to $ 12.83 in pre-market.
Cleanspark (CLSK): closed to $ 11.18 (-1.32%), down 0.54% to $ 11.12 in pre-market.
Coinshares Valkyrie Bitcoin Miners ETF (WGMI): closed to $ 23.50 (+1.51%), which does not change to $ 23.5 in pre-market.
Semler Scientific (SMLR): closed at $ 49.61 (+0.83%), up to 2.6% to $ 50.90 in pre-market.
Exodo Movement (Exod): Closed to $ 51.18 (+5.81%), down 2.31% to $ 50 in pre-market.