According to U.Today, Federal Reserve Chair Jerome Powell's recent statements have sent ripples through the crypto market. During a news conference on Wednesday, July 31, Powell indicated that the central bank might implement a much-anticipated rate cut in September. He noted that the economy is now "moving closer" to the point where it would be appropriate to lower the present policy rate, "but we’re not quite at that point." Previously, July was discussed as the month to implement the first rate cut; however, the Fed has unanimously decided to wait until the next meeting. Meanwhile, following Powell's speech, the likelihood of a September rate cut currently stands at 93.5%.