🗣️Bitcoin spikes as Fed says 'time for policy adjustment'
Bitcoin surged past $61,000 after Fed Chair Jerome Powell expressed confidence that U.S. inflation is on track to return to 2% and suggested potential interest rate cuts.
•Powell indicated at the Jackson Hole symposium that the timing and pace of rate cuts will depend on incoming data and the evolving economic outlook.
•Following Powell's speech, the global cryptocurrency market capitalization rose to $2.28 trillion, marking a 0.6% increase in the last 24 hours.
•Stocks also rose on Friday, with the Dow Jones Industrial Average climbing 417 points, the S&P 500 gaining 1.2% and the Nasdaq Composite advancing 1.8%.
•The CME FedWatch tool now shows a 67.5% probability of a 25 basis point cut and a 32.5% chance of a 50 basis point cut at the next Federal Open Market Committee meeting in September.
•The Bitfinex Head of Derivatives stated that Powell's speech is a significant indicator for the upcoming FOMC meeting, with investors closely monitoring his interpretation of recent economic data.
