Bitcoin Breaks $63,000 as Fed Hints at Policy Adjustment at Jackson Hole

Bitcoin surged past the $63,000 mark after Federal Reserve Chair Jerome Powell delivered dovish remarks at the Jackson Hole symposium, signaling potential interest rate cuts ahead. Powell expressed confidence that inflation in the U.S. is returning to the 2% target, suggesting that a policy shift might be on the horizon.

"The time has come for policy adjustment. The direction is clear, but the timing and pace will depend on incoming data and the evolving economic outlook," Powell stated at the event.

At the time of writing, the global cryptocurrency market cap had risen to approximately $2.3 trillion, with a 0.6% increase over the past 24 hours. U.S. stocks also rallied following Powell’s comments, with the Dow Jones Industrial Average up 1%, the S&P 500 rising 1.2%, and the Nasdaq gaining 1.8%.

Crypto analyst @CryptoCapo on Twitter suggested that Powell's remarks could set the tone for the Federal Open Market Committee (FOMC) meeting in September, with expectations leaning towards a 25 basis point rate cut.

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