The cryptocurrency market is reacting to the Federal Reserve Chairman Jerome Powell's speech. The chairman hinted at his readiness to lower the key interest rate in September.
Powell pointed to weak labor market data and a slowing economy during a conference in Jackson Hole. He added that stricter immigration policies negatively affect employment and economic activity.
He sees that the price increases resulting from tariff hikes will have a short-term impact. The Federal Reserve is preparing to respond to long-term consequences if they occur.
Meanwhile, Powell confirmed that the deterioration in the labor market could negatively impact price stability, necessitating a monetary policy adjustment.
After his speech, the percentage of investors expecting a cut in the key interest rate rose to 89% from 69%.
Under these circumstances, the price of the leading cryptocurrency rose from about $112,400 to over $117,000. Over the past twenty-four hours, it has increased by 3.4%.
The reaction of leading altcoins was more dynamic than the main currency. The price of Ethereum surpassed $4,600, compared to about $4,300 before Powell's speech. The growth over the past twenty-four hours reached 9.4%.
The price of Dogecoin reached $0.23 (up 7%), Solana rose to $193 (5.3%), and XRP to $3.03 (5%).
Powell pointed to weak labor market data and a slowing economy during a conference in Jackson Hole. He added that stricter immigration policies negatively affect employment and economic activity.
He sees that the price increases resulting from tariff hikes will have a short-term impact. The Federal Reserve is preparing to respond to long-term consequences if they occur.
Meanwhile, Powell confirmed that the deterioration in the labor market could negatively impact price stability, necessitating a monetary policy adjustment.
After his speech, the percentage of investors expecting a cut in the key interest rate rose to 89% from 69%.
Under these circumstances, the price of the leading cryptocurrency rose from about $112,400 to over $117,000. Over the past twenty-four hours, it has increased by 3.4%.
The reaction of leading altcoins was more dynamic than the main currency. The price of Ethereum surpassed $4,600, compared to about $4,300 before Powell's speech. The growth over the past twenty-four hours reached 9.4%.
The price of Dogecoin reached $0.23 (up 7%), Solana rose to $193 (5.3%), and XRP to $3.03 (5%).
The market capitalization of cryptocurrencies rose by 4.6% and exceeded $4.07 trillion.
Traditional financial instruments also responded to the Federal Reserve Chairman's speech with green candles. The S&P 500 index rose by nearly 1.6% since the trading session opened. The price of gold reached $3,378 at one point.
Let's remember that Bitcoin began to recover after dropping to around $112,000 on the eve of the Federal Reserve Chairman's speech.
The market capitalization of cryptocurrencies rose by 4.6% and exceeded $4.07 trillion.
Traditional financial instruments also responded to the Federal Reserve Chairman's speech with green candles. The S&P 500 index rose by nearly 1.6% since the trading session opened. The price of gold reached $3,378 at one point.
Let's remember that Bitcoin began to recover after dropping to around $112,000 on the eve of the Federal Reserve Chairman's speech.
@Treehouse Official #Treehouse
