Breaking: Bitcoin, Ethereum Climb As Jerome Powell Affirms Fed Rate Cuts

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As a seasoned crypto investor with a knack for deciphering market signals and trends, I must admit that Jerome Powell’s latest remarks at the Jackson Hole Symposium have sent ripples of excitement through our community. His confirmation of potential interest rate cuts starting September has been a long-awaited boost to the market, especially in the crypto realm where Bitcoin and Ethereum have shown remarkable resilience.

In simpler terms, Jerome Powell, head of the US Federal Reserve, hinted at potential interest rate cuts during his speech on Friday at Jackson Hole, causing optimism to rise in both the stock and cryptocurrency markets. His statement “The time has come for policy to adjust” following the release of FOMC minutes reinforced this positive sentiment. As a result, Bitcoin and Ethereum experienced significant price increases today.

The cost of a single Bitcoin reached a peak of $62,320 during the day due to optimistic remarks suggesting possible interest rate reductions starting September. Meanwhile, Ethereum’s price touched $2700, but the surge was brief before it fell back down to $2,680.

Jerome Powell Gives Strongest Fed Rate Cuts Signal

At the Jackson Hole Symposium held in Wyoming, the Chair of the US Federal Reserve, Jerome Powell, hinted that the central bank is considering lowering interest rates. Although he didn’t specify exactly when or how much the rate cuts might be, Powell did suggest that a shift in monetary policy was necessary due to decreasing inflation rates and signs of a weakening labor market within the United States.

In my research, I express that I’m not looking to see or invite any additional tightening in the job market scenario. As a speaker at the central bank’s yearly event held in the breathtaking Grand Teton National Park this past Friday, I articulated this perspective in my prepared remarks, stating that it’s now suitable for our policies to adapt accordingly.

In line with my anticipations, the Federal Reserve Chair’s remarks indicated that any decisions regarding interest rate cuts would be contingent on fresh data, shifting perspectives, and the overall risk landscape. Crucially, this affirmation has fueled the belief that a rate cut could indeed materialize in September. Consequently, this development has sparked a surge in the stock market, bond prices, and even Bitcoin.

Bitcoin And Ethereum Performance

Bitcoin witnessed volatility as traders adjusted positions. BTC price is up 2% in an hour and nearly 3% in the past 24 hours, with the price currently trading at $61,700. The trading volume has also increased in the last hour, indicating a rise in interest among traders.

ETH price also climbed over 2% in the past 24 hours, with the price currently trading at $2,666. The 24-hour low and high are 2,592 and 2,700, respectively. Moreover, the trading volume witnessed a slight increase.

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2024-08-23 18:06