The post Bitcoin Retakes $63,000 As Fed Chair Jerome Says Interest Rate Cuts Are Coming Soon ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.

Advertisement &nbsp &nbsp Fed Chairman Jerome Powell said Friday that “the time has come for Fed policy to adjust”, suggesting interest rate cuts are finally on the horizon. The Fed’s dovish signal helped the Bitcoin (BTC) price to return above the $63,000 mark as the crypto market extended its recovery from the rout at the start of this month. BTC Surges On News Of Potential Fed Rate Cut In September The price of Bitcoin tapped new local highs Friday as investors reacted warmly to confirmation by Fed Chair Powell that U.S. inflation is on a sustainable path and that the central bank may start lowering interest rates. “The time has come for Fed policy to adjust. The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks,” he posited while delivering a speech at Jackson Hole Economic Policy Symposium in Wyoming. In the immediate aftermath of the keynote address at the central bankers’s conference, Bitcoin rose 5.7% to $63,616 as of publication time. The price of Ether (ETH) and Solana (SOL) had jumped 5.3% and 4.6%, respectively, to $2,743.72 and $149.83. The global market cap now hovers at $2.32 trillion, reflecting a 3.7% increase in the last 24 hours, as per CoinGecko data. Advertisement &nbsp As of this writing, there is now a 67% chance of a 25 basis point cut and a 32% probability of a 50 basis point cut in interest rates at the Fed’s September meeting, according to the CME FedWatch tool. ‘Up Only Time’ For Crypto The Fed has held its benchmark interest rate constant since July 2023 as it waited for clear signs that inflation was slowing to its 2% target. That day of easier monetary policy has now…

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Filed under: News - @ August 23, 2024 9:15 pm