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Today marks a significant day for cryptocurrency enthusiasts, filled with exciting developments. Even though Bitcoin 
$107,558 has not yet surpassed the $106,000 mark, the series of positive news suggests potential long-term benefits. Let’s delve into the latest updates from the past hour.
Powell’s Perspectives on Cryptocurrencies
Federal Reserve Chairman Powell continues his testimony before Congress, providing insights beyond his prepared remarks. Over the next few hours, we anticipate some noteworthy statements. Recently, he made several significant comments.
- We anticipate further inflationary pressure due to tariffs.
- Fed forecasts indicate a rise in inflation owing to tariffs.
- The majority of policymakers expect potential rate cuts later this year.
- Adaptation continues as situations evolve; it’s early to assess Middle East’s economic impacts.
- We have avoided rate cuts as forecasts predict significant inflation increase this year.
- Current data quality isn’t worrying, but the direction is concerning. Banks can freely offer services to the crypto sector, provided they maintain security and stability.
- Rental inflation is decreasing steadily.
- Interest rates are at high levels, offering substantial room for cuts compared to lower-rate periods.
Powell’s emphasis on freedom for cryptocurrencies is refreshing, yet the narrative of “inflation rising with tariffs” needs resolution with rate cuts. His acknowledgment of a high margin for rate cuts confirms that rates are significantly above neutral levels, which is positive for crypto. If the Fed projects inflation surpassing 4%, at least two rate cuts could occur before year-end, one possibly being 50 basis points. However, tariff agreements should precede such developments.
A New Bitcoin Whale Emerges
MSTR is achieving great success, progressing toward its goal of holding 1 million BTC, followed by many, including prominent figures like Trump. Several public companies are building their BTC reserves. Just a few minutes ago, Anthony Pompliano’s ProCap BTC LLC announced acquiring 3,724 BTC for $387 million.
The purchase, averaging $103,785 per BTC, aims to amass $1 billion in assets under ProCap Financial through a SPAC merger by the end of the year.
Chainlink and Mastercard Partnership
Traditional payments are evolving into crypto payments. Chainlink 
$13 and Mastercard, alongside zerohash, Swapper Finance, Shift4 Payments, and XSwap, are bridging DeFi via the Uniswap protocol. Chainlink, the largest blockchain oracle provider, and Mastercard, the largest global payment network, combine to enable over 3 billion Mastercard users globally to buy and sell cryptocurrencies.
Sergey Nazarov, co-founder of Chainlink, expressed his excitement about the announcement today:
“This is a significant step toward Chainlink’s founding goal of merging traditional and decentralized finance. Chainlink’s ability to connect more than 3 billion Mastercard cardholders with new-generation decentralized exchange trading environments excites me.
Collaborating closely with the Mastercard team, as well as the teams from Swapper Finance, XSwap, Shift4, and zerohash, on this innovative project was fantastic. I am thrilled to have contributed to this complex and multi-layered collaboration facilitated by the Chainlink community.”
Raj Dhamodharan, Vice President of Blockchain and Digital Assets at Mastercard, stated:
“There’s no doubt that people want easy access to the crypto ecosystem and vice versa. Thus, we are continuing to leverage our proven expertise and global payment network to bridge onchain trading with offchain transactions.
By joining forces with Chainlink, we are opening the doors to a safe and innovative path that will revolutionize onchain trading and facilitate broader adoption of crypto assets.”
