Cardano Rises on ETF News, Bitcoin Awaits Powell, and Gumi Invests $6.6M in BTC

Cardano (ADA) experienced a price increase following Grayscale's spot ETF application, while Bitcoin (BTC) remains rangebound as investors await Federal Reserve Chair Jerome Powell's testimony on Capitol Hill, scheduled for today, March 6, 2024. Powell's testimony is unlikely to significantly impact Bitcoin's price, with expectations that he will maintain a data-dependent approach to interest rates. Market-implied inflation rates have reached their highest levels since early 2023. In other news, Japanese mobile-game studio Gumi announced plans to purchase 1 billion yen ($6.6 million) worth of Bitcoin, following Metaplanet's example, whose shares have surged 4,800% in 12 months.