On the morning of Saturday, Bitcoin reached a significant milestone, nearly touching $65,000, following comments made by United States Federal Reserve Chair Jerome Powell regarding a potential interest rate cut in the upcoming September meeting. After much anticipation, Bitcoin’s price surged to a peak of $64,845 on Friday, coinciding with Powell’s impactful address at the annual Jackson Hole symposium held in Wyoming. At approximately 6:30 p.m. EDT (22:30 GMT) on Friday, Bitcoin was trading at around $64,653, marking a substantial daily increase of 6.8%.

Furthermore, Ethereum, the second-largest cryptocurrency by market capitalization, was valued at $2,788, reflecting a daily gain of 6.2%. The overall cryptocurrency market experienced a robust performance, with its total value ascending to $2.27 trillion, representing a rise of 5.79% in a single day, as reported by CoinMarketCap, a renowned digital asset tracking website. Bitcoin’s market dominance stood at 56.1%, while Ethereum accounted for 14.7%, with various altcoins experiencing remarkable gains exceeding 20% within that timeframe.

During his address, Chair Powell expressed increased confidence in the return of inflation to the target level of 2%, articulating that the “time has come” for adjustments in monetary policy. He highlighted that “the direction of travel is clear” and that the timing and pace of any forthcoming rate cuts would hinge on forthcoming data, the evolving economic outlook, and the balance of associated risks.

It is noteworthy that the cryptocurrency market underwent a pronounced decline at the beginning of August, driven by recessionary anxieties that led global markets into a downturn, with Bitcoin plummeting to a low of $49,551 on August 5. This recent surge in cryptocurrency values underscores the dynamic nature of the market, influenced significantly by macroeconomic policies and investor sentiment.

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