BITCOIN SURGES TO $62,000 FOLLOWING FED CHAIR’S INTEREST RATE CUT SIGNAL

Sat 24 August 2024:

The price of Bitcoin soared to $62,000 on Friday after U.S. Federal Reserve Chair Jerome Powell hinted at an upcoming interest rate cut during the central bank’s next meeting in September. Following Powell’s remarks at the annual Jackson Hole symposium in Wyoming, Bitcoin reached a high of $62,276.

By 12:30 p.m. EDT, Bitcoin was trading around $61,500, marking a 1.6% increase for the day. Ethereum, the largest altcoin by market cap, also saw gains, trading at $2,670 with a 2.2% rise. The overall cryptocurrency market cap grew to $2.18 trillion, a 1.94% daily increase, according to CoinMarketCap.

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Bitcoin Dominance and Altcoin Rally Amid Market Optimism

Bitcoin’s market dominance stood at 55.7%, while Ethereum’s was 14.7%. Some altcoins surged by as much as 18%. Powell expressed confidence that inflation is returning to a sustainable 2% path, signaling the “time has come” for monetary policy adjustments. The pace of rate cuts will depend on incoming economic data and the broader outlook.

The cryptocurrency market had faced a sharp decline in early August, triggered by global recession fears. Bitcoin had dropped to a low of $49,551 on August 5, but the recent developments have fueled a strong recovery.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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