Bitcoin Climbs 5% as Powell's Remarks Ignite Crypto Market
Bitcoin surged over 5% on Friday, August 23, 2024, following Federal Reserve Chair Jerome Powell’s recent comments. The Fed’s hints at potential interest rate cuts have reignited the crypto market and discussions about crypto regulations. Also Read: BRICS: Payments in Chinese Yuan Surpasses the US Dollar by 2.5% Fed’s Rate Cut Hints Spark Bitcoin Surge Amid Regulatory Uncertainty Source: Canva Powell’s Jackson Hole Speech: A Catalyst for Crypto Investors watched Powell’s address at the Jackson Hole Economic Symposium closely. He expressed confidence in managing inflation, which had peaked in 2022. The Fed’s remarks about possible rate cuts starting September 2024 were received positively by the crypto market. Market Response: Bitcoin and Altcoins Rally After Powell’s speech, Bitcoin’s value increased by 5.59%, reaching $63,720. Other cryptocurrencies also gained. Ethereum rose 2.9% to $2,685. Solana went up by 2.4%, while Polkadot increase...