Dovish Powell's Speech, Ethereum Breaks Historical High

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Last night, Powell delivered his final speech as Chairman of the Federal Reserve 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 decreased, nearing the 2% target, and there are signs of a cooling labor market, thus monetary policy needs to be adjusted in a timely manner to support economic stability.

As soon as Powell made these remarks, the market collectively heated up, with the three major U.S. stock indices all closing higher: the Dow Jones rose by 1.89%, accumulating a weekly gain of 1.53%; the Nasdaq rose by 1.88%.

BTC surged directly by 3000 points, and Ethereum skyrocketed 300 points within 15 minutes, breaking the historical high of 4888 in the early morning. This triggered a frenzied market sentiment, finally breaking through after four years. During these three years, it briefly exceeded 4000 three times but was instantly suppressed each time.

The rise of Ethereum led a collective increase of numerous altcoins. If you missed the first wave of the rally last night, don’t miss the opportunity for weekend volatility in altcoins; look for those that have lagged and have not yet risen to set up positions.