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Also Read: Binance Announces Bitcoin Wallet Migration, Triggers On-Chain Transfers advertisement The Federal Reserve Chair is scheduled to testify before the US House Financial Services Committee on Wednesday. On the following day, Powell will take questions from the Senate Banking Committee as part of his semiannual testimony before lawmakers. Hence, the markets are bound to be swayed by any comments about the central bank’s forecast about future interest rate decisions. The Fed Chair submitted a report on monetary policy to the Congress ahead of the testimony. Powell’s Views On Crypto At the core of the testimony would be the Fed’s efforts to promote maximum employment and maintain stable prices. In the wake of recent regulatory developments against crypto exchanges, the Fed Chair may be posed with questions on his views on the current state of crypto regulation. In a hearing before the Senate Banking Committee in March 2023, he warned ...

Block’s Q1 earnings report reveals a 25% year-on-year increase in Bitcoin revenue from the fintech firm’s flagship product Cash App. Fintech firm Block, owned by Twitter founder Jack Dorsey, has reported a staggering $2.16 billion in Bitcoin (BTC) revenue on its bellwether product Cash App in Q1. According to a shareholder letter announcing its Q1 2023 earnings, Block (NYSE:SQ) reported that its Bitcoin revenue — which counts BTC revenue as total sales of the cryptocurrency to customers — was up 18% from $1.83 billion in Q4 and 25% from Q1 2022. Our Q1 earnings are now available. $SQ https://t.co/oGcnRuzFb3 — Block Investor Relations (@BlockIR) May 4, 2023 Cash App’s total profits reached over $931 million in the first quarter of 2023, marking a 49% increase year-over-year. Notably, Cash App’s profit paled compared to the company’s gross profit, which came in at $1.71 billion. Block also owns the popular business payment service Square, which reported a slight (3.8%) decline in...