Bitcoin fell to a three-week low Wednesday as Federal Reserve Chairman Jerome Powell's hawkish testimony to Congress spurred traders to price in a higher "terminal rate." Bitcoin dropped to $21,871 during Asian trading hours, a three-week low, and ether nearly tested Tuesday's low of $1,535. On Tuesday, Powell implied that the Fed is likely to raise rates more than previously expected, warning that the process of pushing inflation down to the central bank's 2% target has a "long way to go." Since last year, the Fed has raised rates by 4.5% percentage points, roiling risky assets like cryptocurrencies. Analysts now expect the Fed to eventually raise its benchmark interest to as high as 5.65%. A month ago, the expectation was for the rate to peak at 4.9%.

Binance.US cleared a major hurdle in its effort to acquire the assets of bankrupt crypto lender Voyager Digital in a deal worth over $1 billion after Michael Wiles, a U.S. bankruptcy judge in the Southern District of New York, overruled objections to the proposed acquisition. While the judge said he would still work through the confirmation order, he indicated he was in favor of approving the deal. Binance.US may still have to clear certain regulatory hurdles before the deal can be completed. Voyager's VGX token surged over 8% in the minutes after the ruling.

Grayscale Bitcoin Trust's (GBTC) discount to the net asset value of the trust's shares has narrowed to 35%, the lowest level since Nov. 7, following what seemed to be a favorable court hearing on Tuesday for Grayscale Investments. The discount narrowed to just below 35% after the hearing where a panel of appeals court judges appeared to be skeptical about the U.S. Securities and Exchange Commission's arguments in rejecting Grayscale’s bid to convert the trust into an exchange-traded fund. The judges questioned the SEC's logic in distinguishing between bitcoin spot market prices and futures market prices. The SEC has approved ETFs for bitcoin futures. Grayscale and CoinDesk are both owned by crypto conglomerate Digital Currency Group.

Binance, the world’s largest crypto exchange by trading volume, has extended its spot market share across crypto exchanges for a fourth consecutive month.

The exchange market share increased from 59.4% in January to 61.8% in February, according to a report from crypto market data provider CryptoCompare. Spot volumes rose 13.7% to $504 billion to reach an all-time market share.

The increase comes as regulators in the U.S. and beyond have ratcheted up their scrutiny of the exchange. Most recently, an SEC official said that agency staff believe Binance.US may be operating an unregistered securities exchange in the U.S. Binance is a corporate entity that operates in US through Binance.US.

Chart of the Day

Mint your Consensus NFT Pass to lock in a unique and exclusive Consensus experience for the next three years – all for less than the walkup price of one Pro pass ($2,799). Are you ready to own a piece of Consensus history? Start your mint.