Americas Crypto Market Update: ADA Surges, BTC Awaits Powell's Congressional Testimony

By Omkar Godbole (All times ET unless otherwise stated) Cardano's ADA has seen a significant increase, driven by Grayscale's recent spot ETF application, while bitcoin remains stagnant in a sluggish crypto market as Federal Reserve Chair Jerome Powell prepares to testify before Congress. Powell is set to deliver his semi-annual monetary policy update on Capitol Hill, starting with the Senate on Tuesday and repeating his testimony in the House of Representatives on Wednesday. The testimony is unlikely to boost BTC's momentum, as Powell is expected to maintain his data-driven approach, emphasizing that the central bank is not eager to cut interest rates soon and wants to observe further progress in inflation control. According to data from Bloomberg's Lisa Abramowicz, market-implied inflation rates for the next two to five years have reached their highest levels since early 2023. Additionally, President Donald Trump's tariffs could contribute to inflation. The CME's FedWatch tool currently indicates that traders expect only 50 basis points in cuts by the end of next year, significantly less than the Federal Open Market Committee's December forecasts. However, a potential upside could emerge if the Consumer Price Index (CPI) release on Wednesday comes in weaker than expected, potentially creating some volatility. In other news, Japanese mobile-game studio Gumi has announced plans to purchase 1 billion yen ($6.6 million) worth of bitcoin, following the lead of Tokyo-listed Metaplanet, which began buying BTC last year and saw its shares soar by 4,800% in 12 months. Social media is abuzz with discussions about the imbalance in Ethereum's ecosystem, where layer-2 scaling products retain most of the generated revenue while contributing only a small percentage back to the foundational layer. Meanwhile, Solana continues to outperform Ethereum and other smart-contract blockchains in decentralized exchange trading volumes and revenue. In traditional markets, gold is experiencing a bull pause, while copper, often seen as a proxy for global economic health, is trading lower, ending a six-day winning streak. Remain vigilant! Key Events to Watch Token-Related Events Upcoming Conferences: CoinDesk's Consensus is scheduled to take place in Hong Kong on February 18-20 and in Toronto on May 14-16. Use the code DAYBOOK to receive a 15% discount on passes. Derivatives Positioning Market Trends: Bitcoin Statistics: Technical Analysis Crypto-Related Equities ETF Flows Spot BTC ETFs: Spot ETH ETFs Source: Farside Investors Overnight Market Movements Chart of the Day While You Were Sleeping Ethereum Updates