Congress. Powell’s comments on the state of the economy and the central bank’s monetary policy could potentially move the markets, including bitcoin.
Meanwhile, altcoins have been relatively quiet as well, with most of the larger caps showing little-to-no movement. However, one altcoin has managed to break through and make a name for itself in the top 100.
FLOKI, a meme-inspired cryptocurrency named after Elon Musk’s dog, has surged over 200% in the past 24 hours, according to CoinMarketCap. The coin’s market cap has also skyrocketed, pushing it into the top 100 cryptocurrencies by market capitalization.
The sudden surge in FLOKI’s price could be attributed to the recent hype surrounding meme coins and the popularity of Elon Musk. The Tesla CEO has been known to tweet about cryptocurrencies, including Dogecoin, which has also seen a surge in price recently.
It remains to be seen whether FLOKI’s surge is sustainable or just a temporary pump. As for bitcoin, all eyes will be on Powell’s testimony later today to see if it can break out of its current range and make a move.
