Powell’s Dovish Shift Lights a Fire Under Crypto Markets
Bitcoin surged past $116,500 on Friday as Federal Reserve Chair Jerome Powell signaled openness to rate cuts in September during his speech at the Jackson Hole Economic Symposium. The market reaction was swift and significant, with Bitcoin climbing over 2% in a matter of minutes. The optimism extended to Ethereum and other major altcoins, with Ethereum (ETDUSD) setting a new all-time high of around $4,900 and Binance Coin (BNBUSDT) also reaching an all-time high of approximately $900. The broader cryptocurrency market capitalized on the sentiment, with the total market cap adding over $200 billion in a single day and nearing $4.1 trillion [1] [4] [6].
Prior to Powell’s speech, market expectations had swung between optimism and caution….
