What to Know

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Key Market Movements

On Wednesday, crypto prices witnessed an uptick, riding the same relief wave that buoyed global equities following the acceptance of a ceasefire between Iran and Israel, facilitated by the U.S.

With fears of a potential oil supply disruption easing, traders are re-entering risk assets. Bitcoin’s price has almost reached $107,000, marking a 1.7% increase in the last 24 hours. The broader CoinDesk 20 (CD20) index recorded a 1% increase.

However, the optimism may be tempered. “Despite initial relief regarding the ceasefire, doubts are surfacing about its sustainability,” noted Susannah Streeter from Hargreaves Lansdown. A report from U.S. Intelligence has raised concerns regarding the effectiveness of military actions against Tehran’s nuclear capabilities, sparking worries that hostilities may resume.

In addition to geopolitical developments, an upcoming testimony from Federal Reserve Chair Jerome Powell before Congress could influence market expectations. Powell is expected to reiterate the Fed’s cautious approach to interest rate adjustments, citing persistent inflation and potential tariff pressures.

Investors are advised to stay vigilant and keep an eye on forthcoming economic data, especially as consumer confidence indices indicate a decline. Additionally, Powell’s upcoming testimony today is under scrutiny, especially with ongoing pressure from President Donald Trump to reduce interest rates.

Upcoming Events

• June 25: Testimony by Jerome Powell before the Senate Committee on Banking, Housing, and Urban Affairs.
• June 26: Release of U.S. durable goods order and unemployment data.
• June 30: Anticipated launch of spot-quoted futures by CME Group, pending regulatory approval.