🪙💰 $BTC reaches US$ 116,000 after Fed statements.
The price of Bitcoin surged to nearly US$ 116,000 after Jerome Powell, the Fed chairman, indicated a potential for interest rate cuts in September. The statement, made in a highly anticipated speech in Jackson Hole, was a sign of a slowdown in the US economy, despite the unemployment rate of 4.2% in July, which remains historically low. The news resulted in an increase in short liquidations for Bitcoin and other altcoins.
Bitcoin surged: Fed signals rate cuts
Bitcoin reached a new record, hitting nearly US$ 116,000! The jump occurred after Fed Chairman Jerome Powell signaled possible interest rate cuts as early as September. The news caused the cryptocurrency market to explode, triggering a significant increase in short liquidations.
Powell from the Fed indicates rate cuts and Bitcoin reaches US$ 116,000.
Fed Chairman Jerome Powell signaled the possibility of interest rate cuts at the next FOMC meeting in September. The news had an immediate impact on the market, causing Bitcoin to jump to nearly US$ 116,000.
This news could indicate a major moment for cryptocurrencies. Stay tuned!
