Bitcoin Blasts to $64,853—Powell’s Rate Cut Hints Lift Entire Crypto Market

Bitcoin reached an impressive peak of $64,853 per unit on Friday, spurred by U.S. Federal Reserve Chair Jerome Powell’s speech at Jackson Hole, where he hinted at the possibility of rate cuts in September. The cryptocurrency showed a 5.3% increase in the past day, contributing to a 5.01% rise in the overall crypto market, which now stands at $2.24 trillion.

Bitcoin Nears $65K Range Amid Powell’s Latest Remarks

On Friday afternoon, bitcoin (BTC) was cruising along at $64,433 per coin, following an intraday peak of $64,853. BTC climbed 5.3% today and has gained 6.6% against the U.S. dollar over the past week.

Today’s uptick was fueled by Fed Chair Jerome Powell’s speech at Jackson Hole, where he hinted at potential rate cuts. The crypto market moved in tandem with U.S. equities, with the Russell 2000, Nasdaq, and S&P 500 leading the stock market charge.

Ethereum (ETH) made a 5% leap, trailing behind BTC, while dogecoin (DOGE) led the top ten pack with a 7.25% climb. The standout performer of the day was sun token (SUN), skyrocketing 46.47%, followed by tellor (TRB) with a 31.27% boost over the 24-hour period.

Other noteworthy gainers on Friday included MEME, CKB, TURBO, SUI, MEW, and FET, each increasing between 18.16% and 21.33% throughout the day. The highest trading volumes, apart from BTC, ETH, and stablecoins, were seen in DOGE, TRX, PEPE, SOL, BNB, XRP, AVAX, WIF, and SUI.

What do you think about the crypto market action on Friday? Share your thoughts and opinions about this subject in the comments section below.