The Fed Chairman's Statement 'Ignites' Crypto Stocks and Bitcoin, Ethereum Prices

The cryptocurrency market and related stocks surged on Friday following the 'dovish' speech of the Chairman of the Federal Reserve (Fed) #JeromePowell , indicating the possibility of interest rate cuts as early as next month.

Coinbase (COIN) stock listed on Nasdaq jumped over 6%, reaching $319, while MicroStrategy (MSTR) – the largest 'Bitcoin treasury' – soared nearly 6%, hitting $354. The stablecoin giant Circle, which just went public in May, rose 6% to $140, even climbing as much as 9% during the session.

Bitcoin mining companies also benefited: CleanSpark (CLSK) increased 5% to nearly $10, and Riot Platforms (RIOT) jumped 9% above $13. Companies holding $ETH like SharpLink and BitMine Immersion exploded over 12%, reaching $20 and $54, respectively.

In the cryptocurrency market, $BTC hit $116,318 (+3% in the hour following the speech), while Ethereum surged nearly 8% in just one hour, trading at $4,740 – only about $130 away from its historical peak in 2021. Overall for the day, BTC rose 3% while ETH increased nearly 12%.

U.S. stocks also rose sharply: Dow Jones +880 points (≈2%), S&P 500 +1.45%, Nasdaq +1.6%.

Analysts believe that low interest rates are always a 'catalyst' for risky assets such as crypto and tech stocks. President #TRUMP is also putting strong pressure on the Fed to lower interest rates, indicating that U.S. politics continues to have a significant impact on the global financial market.

👉 This article provides information, not investment advice.

Source: #Decrypt