After the speech by Jerome Powell, chairman of the Federal Reserve, at the Jackson Hole Economic Symposium, a significant increase was observed in the market. Powell's softer-than-expected approach fostered expectations of new peaks, especially in Bitcoin (BTC), Ethereum (ETH), and some altcoins. Market analysts suggest that this development could open a new era for crypto assets.

Impact of Powell's Speech

In his speech, Powell highlighted the growing risks in the labor market and hinted at possible interest rate cuts. He recalled that the Fed has kept its policy interest rate at 4.25% for eight months and emphasized the need to possibly adjust this stance considering the current tight fiscal policy. Powell also noted that tariffs from the Donald Trump era could have a short-term effect on inflation.

Following these statements from Powell, both cryptocurrencies and stocks saw an increase. The probability of a Fed interest rate cut in September rose to 90%. Analysts generally believe that this positive environment will continue in the short term.

Expectations Rising for BTC and ETH

Analysts at Monarq Asset Management have predicted that Ethereum could soon surpass $5,000. Sam Gaer, the Director of Investments at the company’s Guidance Fund, commented on the positive market structure and the potential for new records in Bitcoin and Ethereum.

The Ethereum token, Ether, has gained approximately 10% in the last 24 hours. Ether surpassed the $4,800 mark to set a new record and was trading around $4,700 at the time of this report. Bitcoin, after reaching a peak of $117,400, was trading around $115,600.

Spencer Yang, the director of BlockSpaceForce, stated that there could be new peaks by the end of the year, following the expected interest rate cut in September. Yang anticipates that BTC, ETH, BNB, SOL, and LINK will stand out.