Powell’s ‘dovish’ comments trigger crypto market cap climb to above $4 trillion
The crypto market rallied more than 4% to reclaim the $4 trillion mark after Federal Reserve Chair Jerome Powell signaled that US interest rates could be lowered in September.
In his speech at the Jackson Hole symposium in Wyoming, Powell said:
“The baseline outlook and the shifting balance of risks may warrant adjusting our policy stance.”
Following the speech, the odds of the Federal Reserve cutting its interest rate spiked to around 90%, according to data from the CME Fedwatch tool.
Thomas Lee, Chief Investment Officer at Fundstrat, described Powell’s tone as dovish and said the shift would likely support small-cap stocks and major cryptocurrencies like Bitcoin and Ethereum.
Ethereum leads market rally
As a result, Bitcoin’s price…
