Major cryptocurrencies experienced a setback Sunday night after the Federal Reserve presidency Jerome Powell hinted at the possibility Curb rate hikes due to stress in the banking sector.

What happened: For the past month, Bitcoin has been mostly in a consolidation phase. Despite slipping down slightly, it has managed to hold its value. In fact, it’s down just 2% over the past 30 days, giving investors some much-needed respite from last year’s wild swings.

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At the time of writing, the global crypto market cap was $1.11 trillion, down 1.89% from the last day.

Stock futures were down slightly on Sunday night as investors eyed the ongoing US debt ceiling discussions. S&P 500 futures fell about 0.2%, while Nasdaq 100 futures were down 0.1%.

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Analyst Notes: “A month ago, Bitcoin surged, surpassing $30,000 for the first time since the summer of 2022. Regional banking concerns and rising bets on Fed rate cuts provided a lot of support for cryptos. The bullish catalysts have now subsided, as has about 30% of this year’s rally. Earlier in the week, Bitcoin received no favor from SEC Gensler, just standard comments on how the rules are already in place. “The regulation issue remains key to the cryptoverse and traders must remain patient,” he said Edward MoyaSenior Market Analyst at OANDA.

crypto trader Tony Vays suggested that Bitcoin’s current consolidation suggests that it is on track to experience an extended bull market. Based on his analysis, Vays believes that Bitcoin is about to reach…