Bitcoin surged to $62,000 on Friday after US Federal Reserve Chair Jerome Powell hinted at a potential interest rate cut at the Fed’s upcoming September meeting.
Following Powell’s highly anticipated speech at the Jackson Hole symposium in Wyoming, Bitcoin’s price peaked at $62,276, News.Az reports citing crypto market data.
The total value of the cryptocurrency market reached $2.18 trillion, up 1.94% for the day, according to CoinMarketCap. Bitcoin’s market dominance stood at 55.7%, while Ethereum held 14.7%. Some altcoins experienced gains of up to 18%.
Powell expressed increased confidence that inflation is trending toward the Fed’s 2% target and suggested that the time might be right for a shift in monetary policy. However, he noted that the exact timing and pace of rate cuts would depend on forthcoming economic data and the overall economic outlook.
This positive sentiment for cryptocurrencies follows a sharp decline earlier in August, when recession fears led global markets into turmoil. Bitcoin had dropped to a low of $49,551 on August 5.
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