🔴｜Dovish Speech by Powell, Ethereum Breaks Historical High
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Last night, Powell delivered his final speech as Fed Chair at Jackson Hole, releasing the clearest dovish signal of the year, suggesting that the Fed may initiate interest rate cuts at the September meeting.
He emphasized that inflation has significantly declined, approaching the 2% target, and there are signs of cooling in the labor market, thus monetary policy needs timely adjustments to support economic stability.
As soon as Powell's remarks were made, the market collectively heated up, with all three major U.S. stock indices closing higher: the Dow rose by 1.89%, accumulating a weekly gain of 1.53%; the Nasdaq increased by 1.88%.
BTC surged by 3000 points, while Ethereum skyrocketed by 300 points within 15 minutes, breaking the historical high of 4888 in the early morning. This ignited a frenzied market sentiment, finally breaking through after four years, where it had briefly surpassed 4000 three times in the past three years, only to be instantly suppressed.
The rise in Ethereum led a collective increase in various altcoins. If you missed the first wave of the upward trend last night, don’t miss the opportunity for altcoin movements this weekend; look for lagging altcoins that have yet to rise to set up positions.
