and other major cryptocurrencies bounced back on Friday, reversing earlier losses after Federal Reserve Chairman Jerome Powell set the stage for the central bank to start cutting interest rates in September.
Speaking at the high-profile annual gathering of global central bankers in Jackson Hole, Wyoming, Powell said that he feels more confident about getting inflation under control after it peaked at a four-decade high in 2022.
Even though markets fully priced Powell to hint at a rate cut for the Fed’s September meeting, his comments might have been a bit more dovish than expected.
Right after his speech, Bitcoin jumped over 1.5%, hitting $61,900 after a brief spike above $62,000. Meanwhile, ‘s price rose 2.9% to $2,685, and ‘s price added 2.4% to $147. price was up 2.7% on the day.
Traditional markets also saw solid gains as the rose by 1.7%, the went up 1.2%, and increased by 1%. Moreover, the…
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