$BTC The value of Bitcoin skyrockets as Fed Chairman Powell indicates potential rate cuts in September

In a highly anticipated speech at Jackson Hole, outgoing Fed Chairman Jerome Powell mentioned possible rate cuts before the end of the year, without providing further details. Powell, whose term is coming to an end, identified a significant slowdown in the U.S. economy, greater than the estimates from a month ago. Despite an increase in the unemployment rate to 4.2% in July, he noted that this remains historically low and has been stable over the past year.

Particularly significant for financial markets was the fact that Powell hinted at potential interest rate cuts during the upcoming FOMC meeting in September. The price of Bitcoin reacted immediately to his speech, rising from under $112,000 before his speech to nearly $116,000 afterward, triggering a sharp increase in liquidations for Bitcoin and many altcoins.