On Friday, the value of Bitcoin reached $62,000 following an indication from United States Federal Reserve Chair, Jerome Powell, regarding a potential interest rate cut in the upcoming September meeting. According to reports, Bitcoin experienced a surge, peaking at $62,276 after Powell delivered his much-anticipated address during the annual Jackson Hole symposium held in Wyoming.

At 12:30 p.m. EDT (16:30 GMT), Bitcoin was recorded trading approximately at $61,500, representing a daily increase of 1.6%. Meanwhile, Ethereum, recognized as the largest altcoin by market capitalization, was trading at $2,670, reflecting a daily rise of 2.2%. The overall cryptocurrency market capitalization was valued at $2.18 trillion, which translates to a daily rise of 1.94%, as reported by CoinMarketCap, an authoritative digital asset price-tracking platform.

Bitcoin’s market dominance stood at 55.7%, while Ethereum accounted for 14.7%. Notably, several altcoins experienced significant gains, soaring by as much as 18%. In his remarks, Chair Powell expressed increasing confidence in the notion that inflation is progressing toward a sustainable target of 2%, asserting that “the time has come” for adjustments to the monetary policy. He also indicated that the timing and pace of any interest rate cuts would be contingent upon forthcoming macroeconomic data, the evolving economic outlook, and the relative balance of associated risks.

It is noteworthy that cryptocurrencies underwent a considerable decline at the beginning of August when recession anxieties precipitated a sharp downturn across global markets, with Bitcoin plummeting to a low of $49,551 on August 5th. This recent rise in Bitcoin’s value may indicate a shifting sentiment within the cryptocurrency markets, driven by monetary policy considerations.

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