Concerns about rising inflation to its highest level in 13 years are strengthening the USD, and traders are now anticipating the Fed Chair's speech this week.
The US dollar has been fluttering around 90 since early last month, and it is now heading for 93 after statistics indicated that US inflation for June was higher than predicted. US Treasury rates, like the US dollar, rose sharply in response to the inflation report.
Last month, consumer prices in the United States rose to their highest level in 13 years, as the economic recovery maintains its speed. Inflation rose from 5% to 5.4% in the 12 months ending in June.
Furthermore, since May, the number of such wallets has increased by about 2%.
According to Glassnode statistics, Bitcoin balances on crypto exchanges have suddenly shrunk as speculators remove huge sums of BTC and store it in cold storage vaults.
The cost of living increased by the most substantial amount, more than projected, in June since 2008. According to Blackrock CEO Larry Fink, inflation will cause a systematic and fundamental shift in how policymakers handle the economy.
The testimony of Federal Reserve Chairman Jerome Powell before Congress on Wednesday and Thursday will be closely scrutinized for any indications of impending tapering.
The stock market shrugged off the newest data, with the S&P 500 falling slightly after soaring to fresh all-time highs on Monday.