The crypto market is up today and Bitcoin (BTC), Ether (ETH) and numerous altcoins rallied ahead of United States Federal Reserve Chairman Jerome Powell's speech. At the moment, investors are anticipating that December could see the start of smaller-sized interest rate hikes after the most recent Consumer Price Index report came in under market participants’ expectations.
Crypto and equities markets responded positively ahead of Powell’s Federal Open Market Committee (FOMC) speech and cooling inflation figures could back the reason for softer rate hikes. Depending on the subject matter and tone of Powell’s speech, markets could see further upside, or a total retrace of the intraday gains could occur.