Bitcoin jumps more than 4% after Fed Chairman hints at rate cut soon

Bitcoin cryptocurrency witnessed a noticeable rise during trading on Friday, coinciding with US Federal Reserve Chairman Jerome Powell delivering his annual speech at the bank’s symposium in Jackson Hole, Wyoming, USA.

During the last 24 hours, Bitcoin’s price rose by more than $2,700, or more than 4%, exceeding the $63,000 level.

According to “CNBC”, the cryptocurrency thus rose by more than 6% during trading last week, bringing its market value to $1.240 trillion, according to the coinmarketcap platform.

In his keynote speech during the US Federal Reserve’s annual symposium in Jackson Hole, Wyoming, Jerome Powell said: “It is time to adjust policy… The direction is clear, and the timing and pace of interest rate cuts will depend on incoming data, evolving expectations, and the balance of risks.”

Powell added that inflation has “declined significantly” and that the central bank can now focus on supporting the strong labor market.

Markets have already fully priced in a September Fed rate cut, pricing in a 25 basis point cut rather than a 50 basis point cut at 67.5% after Powell’s comments. Ethereum has surged more than 4% in the past 24 hours to above $2,700.