Cardano’s ADA cryptocurrency has seen a notable 10% increase in value, driven by Grayscale’s recent application for a spot ETF. Meanwhile, Bitcoin (BTC) remains stagnant, with investors eyeing Federal Reserve Chair Jerome Powell’s upcoming testimony on Capitol Hill. Powell is expected to maintain a data-driven stance, suggesting no immediate interest rate cuts. Market-implied inflation rates for the next two to five years have hit their highest since early 2023, according to Bloomberg. The CME’s FedWatch tool indicates traders expect only a 50 basis point cut by next year’s end, less than the FOMC’s December forecast. A weaker-than-expected CPI release could potentially stir some market volatility. In other news, Japanese mobile-game studio Gumi plans to invest 1 billion yen ($6.6 million) in bitcoin, following the trend set by Tokyo-listed Metaplanet, whose shares surged 4,800% in a year. Meanwhile, Ethereum faces criticism for its layer-2 scaling solutions, which retain most revenue, while Solana outperforms in trading volumes and revenue.
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