The crypto market recorded a broader market recovery on Wednesday, with Bitcoin and Ethereum prices hitting a six-week high. Bitcoin climbs 8% to over $29000, while Ethereum price soars 6% to surpass $1830 in the past 24 hours.

Meanwhile, US Federal Reserve Chair Jerome Powell in a testimony to the US House Financial Services Committee revealed that the interest rate pause is temporary. He added that more rate hikes are likely as inflation remains higher than its target. According to CME FedWatch Tool, the probability of a 25 bps hike at the July 26 FOMC meeting jumped to 80%.

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Crypto Market Recovery: Bitcoin, Ethereum, Altcoins Rally

Traders expected it as another short squeeze event triggering massive market recovery, anticipating that the prices would retrace again. However, CryptoQuant CEO Ki Young Ju revealed that it is not a short squeeze and someone is buying a lot of Bitcoin (BTC).

The market recovery fueled by BlackRock iShares spot Bitcoin ETF filing with the US SEC last week led other financial giants to follow with their Bitcoin ETF applications. The positive sentiment continues to rise as institutional shows interest in the crypto market.

Crypto exchange EDX Markets-backed by Citadel Securities, Fidelity Digital Assets, and Charles Schwab announced its launch on Tuesday. Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) led the rally today as these are the only cryptocurrencies supported by EDX Markets. BCH jumps over 20% in the last 24 hours.

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Can Bitcoin Price Hit $35000?

BitMEX co-founder Arthur Hayes is among the first few experts to predict the crypto market rally. He said the US Treasury General Account (TGA) refill’s impact on US dollar liquidity is not as critical as expected and risk assets like Bitcoin price will start to rally soon.

Bitcoin continues to move upside after rebounding from the expected $24,800 support level. Bitcoin price soared above $29,000 today as a result of fresh buying from whales and institutional entry into crypto. BTC price currently trades at $29,100, up 8% in the last 24 hours.

Meanwhile, ETH price also rallied to $1850, up 6%. The 24-hour low and high are $1715 and $1831, respectively. check the key events this week that will impact Bitcoin and Ethereum prices.

Also Read: Ethereum’s New Execution Layer Client Reth With Blazing Fast Benchmarks, ETH To Break $2000

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.