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Bitcoin Price Pushes Higher as Fed’s Powell Signals Incoming Rate Cuts – BTC to $70K Soon?
The Federal Reserve's hint at potential rate cuts has ignited excitement in the crypto market, with Bitcoin price surging to a two-week high.
The Bitcoin price surged to a new two-week high on Friday exceeding $62,000 following Fed Chair Jerome Powell’s Jackson Hole speech. During his address, Powell hinted at a potential series of rate cuts by the world’s largest central bank.
This dovish stance triggered a reaction across various financial markets. US bond yields saw modest declines, and the US Dollar Index (DXY) hit fresh yearly lows under 101.00.
Meanwhile, US equity markets celebrated the potential for lower interest rates and a Fed prioritizing economic support over aggressive inflation control.
The S&P 500 climbed back above 5,600, within striking distance of its record highs.
