BIG News FOR Bitcoin holders .
Bitcoin surged by $1,100 in just 10 minutes after Federal Reserve Chair Jerome Powell shared dovish remarks during his Jackson Hole speech.âThe time has come for policy to adjust,â Fed chair Powell said on Aug. 23 at Jackon Hole ahead of a Federal Reserve policy meeting in September. Powellâs remarks affirmed the Fedâs confidence in driving inflation to 2%, meaning rate cuts may be inbound.The price of
$BTC Bitcoin (BTC) briefly traded above $62,000, though it later retraced as the broader crypto market reclaimed some of the initial gains. Public consensus attributed Bitcoinâs brief surge to Powellâs comments.Still, incoming data will dictate how much the Fed implements looser monetary policies, according to Powell. As crypto.news reported, slashed interest rates would likely be bullish for Bitcoinâs price and, by extension, the broader cryptocurrency market.
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