$Bitcoin (BTC) has been on a strong run recently, with the price breaking through the $64,500 mark and reaching $64,879 at one point during the session. This upward trend has sparked widespread optimism among investors, especially after the speech by Federal Reserve Chairman Jerome Powell at the Jackson Hole conference.
Powell hinted in his speech that the Fed may cut interest rates and stressed the need to adjust policy based on future economic data. He said that the increased confidence in the return of inflation to the Fed's 2% target laid the foundation for a potential shift in monetary policy.
The dovish comments triggered an immediate market reaction, especially increased investment interest in riskier assets such as Bitcoin. Rate cuts typically reduce borrowing costs and increase market liquidity, which encourages investors to put money into riskier assets, including cryptocurrencies.
In addition, the Bitcoin ETF has attracted $36 million in inflows in the recent period, which has further boosted the price of BTC and consolidated the bullish sentiment in the market. Investor demand for Bitcoin remains strong, especially against the backdrop of a weaker dollar and market expectations of interest rate cuts.
As the price of Bitcoin breaks through $64,500, market analysts predict that if the Federal Reserve does take interest rate cuts in the future, the crypto market may see a larger rise, pushing Bitcoin to a new all-time high.
