What Happened in Crypto This Week: Ceasefire Rally Meets Inflation Drag
We had another rather eventful week on the crypto market, with a number of developments that shaped the industry’s direction for the second half of the year. Fed Chair Jerome Powell made an unusual nod to crypto in his testimony before Congress. If approved, this could enable borrowers to use digital assets as reserves, signaling a significant shift in how traditional institutions perceive crypto wealth. Markets rallied and crypto policy gained momentum after ceasefire talks progressed positively. The Nasdaq surged past 22,500, reaching new highs as tech stocks rallied. However, on Thursday, the U.S. GDP contracted in Q1, reflecting ongoing economic challenges.
