Bitcoin Stagnates Amidst Regulatory Uncertainty and Dovish Comments from Fed Chair.

Bitcoin remains below $27,000 as US Federal Reserve Chair Jerome Powell suggests that stress in the banking sector could allow the central bank to ease back on rate hikes to curb hot inflation. Powell said credit stress could mean interest rates would not have to go as high as previously thought. The CME FedWatch tool showed that 79% of traders expect the US central bank will pause rate hikes in its next policy meeting in mid-June, and many expect a rate cut to take place later this year. Most top assets in the crypto market turned green in the afternoon, with the CoinDesk Market Index up 1% for the day.