The crypto market received with euphoria the words of the head of the Fed this Friday, which considered the possibility of a rate cut in September.
Bitcoin exceeds US $ 116,000 This Friday, having touched its lowest level since the beginning of July during the morning. The pressure on the main cryptocurrency of the world dissipated after intervention of the president of the Federal Reserve (Fed), Jerome Powellin the opening speech of Jackson Hole.
In that context, the leading cryptocurrency rises 4% in the last 24 hours to US $ 116,882while Ethereum operates a U $ S4.648, a jump of 13.4%. In daily, the crypto market is quoted with a green 5.2%, according to Coingcko.
The rest of the Altcoins also shows an upward trend during this day, the one that increases the most are Staker Ether (+13.3%), followed by Dogecoin (+9.9%), and Solana (+8.8%).
Powell’s speech shot the crypts
The crypto market closely followed the words of the head of the Fed, Jerome Powell, this Friday and, like Wall Street, He received with satisfaction The possibility of a rate cut that slid the official of the North American Central Bank.
In his inaugural speech in Jackson Holereferred to the “Changing Risks”particularly in the North American labor market: “While the labor market seems to be in balance, it is a curious balance that results from a marked deceleration of both the supply and the demand of workers”.
It is a “Unusual situation” That suggests that “the downward risks for employment are increasing” and, in case of doing so, “they could do it quickly in the form of a considerable increase in layoffs and an increase in unemployment.”
Source: Ambito
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