Price of Bitcoin rises to around USD65,000 after rate cuts signals
Date
8/25/2024 5:08:30 AM
(MENAFN) The price of Bitcoin surged to nearly USD65,000 early Saturday, following a significant announcement from US Federal Reserve Chair Jerome Powell, who hinted at an imminent interest rate cut at the central bank's upcoming September meeting. Bitcoin's value climbed to a peak of USD64,845 on Friday, driven by the anticipation surrounding Powell's speech at the Jackson Hole symposium in Wyoming. By 6:30 p.m. EDT (2230 GMT) on Friday, Bitcoin was trading around USD64,653, marking a daily increase of 6.8 percent.
Ethereum, the largest Altcoin by market capitalization, also saw a notable rise, trading at USD2,788 with a daily gain of 6.2 percent. The overall cryptocurrency market capitalization reached USD2.27 trillion, reflecting a daily increase of 5.79 percent, according to CoinMarketCap. Bitcoin's market dominance rose to 56.1 percent, while Ethereum's share remained steady at 14.7 percent. Some altcoins experienced significant gains, with increases of more than 20 percent for the day.
Fed Chair Powell expressed increased confidence that inflation is on a sustainable path back to the 2 percent target, stating that the "time has come" for an adjustment in monetary policy. He noted that the direction for future rate cuts is becoming clearer, although the timing and pace will depend on incoming data, evolving economic conditions, and risk assessments.
Earlier in August, the cryptocurrency market faced a sharp decline amid recession fears, with Bitcoin falling to as low as USD49,551 on August 5. However, Powell's remarks have since fueled a rebound in digital asset prices.
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