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Bitcoin’s 7% Rise: Fed’s Rate Cut Hint and Kennedy Backing Trump
On August 23, bitcoin experienced a 7% surge, reaching nearly $65,000.
This significant jump, which has sparked widespread interest and speculation, was reportedly driven by two major developments: the U.S. Federal Reserve hinting at possible interest rate cuts and Robert F. Kennedy Jr.’s unexpected endorsement of former President Donald Trump.
Federal Reserve Chair Jerome Powell’s speech at the annual Jackson Hole symposium in Wyoming was the first catalyst for bitcoin’s rise.
Powell hinted that the central bank might soon cut interest rates, a move that many believe would signal the beginning of a more accommodating monetary policy. This possibility immediately caught the attention of investors, leading to a surge in demand for bitcoin.
“The time has come for policy to adjust,” Powell said during his speech, indicating that the Federal Reserve is more confident that inflation is under control and that the economy might soon benefit from lower interest rates.
This statement was music to the ears of bitcoin investors, who have long viewed the digital asset as a hedge against inflation and economic uncertainty.
