Bitcoin (BTC), the world’s leading cryptocurrency, continued its upward momentum, breaking through significant resistance to close above $64,300.
This rally was catalyzed by Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole conference, where he suggested the possibility of upcoming interest rate cuts and emphasized the necessity of adjusting monetary policy.
Powell’s Dovish Remarks Ignite Crypto Market Rally
The crypto market experienced a notable surge following Powell’s dovish comments, which fueled investor optimism. Bitcoin, which had been battling resistance at the $60,000 level, finally gained the momentum needed to surge nearly 5% in the past 24 hours, crossing the $64,000 threshold.
This bullish trend comes as traders anticipate a more accommodating monetary environment, which historically benefits riskier assets like cryptocurrencies.
Ethereum (ETH) also rode the wave, climbing over 4% to reach $2,700. Meanwhile, other major cryptocurrencies, including Solana, Dogecoin, Cardano, and Avalanche, experienced gains ranging from 4% to 8%. The global crypto market cap has risen over 4% in the last 24 hours, now standing at $2.22 trillion.
Cryptocurrency prices often perform better in a lower interest rate environment, and the rising stablecoin market cap, now at a record high of $165 billion, indicates stronger buying pressure. Historically, the crypto market has posted higher prices when rates are low
