Record Money Inflow to Bitcoin Investment Products.
Speaking at the Jackson Hole Symposium, which was closely watched by global investors, Jerome Powell signaled an interest rate cut. Bitcoin-based products broke a 5-week record.
Global markets focused on the words of Fed Chairman Jerome Powell, who spoke at the Jackson Hole Symposium held in Wyoming, USA last Friday. In his dovish speech, Powell said that “the time has come” for interest rate cuts. Following this speech, which was the strongest indicator that interest rates would be cut in September and the monetary easing cycle would begin, cryptocurrency markets broke the $60,000 resistance and climbed to $61,000. On the other hand, Bitcoin-based investment products, including spot Bitcoin ETFs, broke a 5-week record with a money inflow of $543 million.
Evaluating the latest developments in the markets, Gate.TR CEO Kafkas Sönmez said, “The impact of the reassuring messages that investors have been waiting for a very long time was felt in crypto-based investment products as well as in stock markets. On the other hand, the catalyst for the markets has also changed with the Jackson Hole Symposium being over”
As we enter the last week of August, another important development affecting the cryptocurrency markets took place in the US election process to be held in November 2024. Independent presidential candidate Robert F. Kennedy Jr., who is also known for his support for crypto, announced that he will withdraw from the election race and support Donald Trump. Kafkas Sönmez, who said that #Bitcoin rose to $64,000 with a new rally following this news, said, “Although it fell below $64,000 with profit sales on Monday, #Bitcoin has once again proven the impact of changing balances in the election race on the markets after the RFK Jr. news.”