Bitcoin Nears $69K High, Traders Zero in on Powell

• Bitcoin slipped in early-morning trading having just missed a new record high on Monday.
• Meanwhile, US stock futures dropped as investors waited for Jerome Powell’s congressional testimony.
• The Fed chair’s comments could offer a clue about where interest rates are headed.

Bitcoin‘s run toward a new record high stalled in premarket trading Tuesday, while US stock futures fell as investors waited for comments from Federal Reserve chair Jerome Powell.

The leading cryptocurrency was down 1.3% to under $67,000 shortly before 5:30 a.m. ET.

It’s neared a record level in recent days after racking up huge gains over the past month, powered higher by the Securities and Exchange Commission’s approval of 11 spot ETFs and investor excitement about an upcoming “halving” event.

Futures for the S&P 500, Nasdaq 100, and Dow Jones Industrial Average all dipped as investors weighed up China’s underwhelming growth targets and waited for Powell to testify before the House Financial Services Committee. He is due to appear on Wednesday.

Beijing said it was targeting economic growth of 5% on Tuesday, but Premier Li Qiang acknowledged hitting that goal won’t be easy.

Hong Kong’s Hang Seng closed the trading session 2.6% lower as investors reacted to those comments.

Traders are now eyeing Powell’s congressional testimony, which could give the market more clues about the Fed’s stance on interest rates.

Inflation cooled last year in the face of the central bank’s aggressive tightening campaign, but is still running clear of policymakers’ 2% target.