Dollar

Jerome Powell

Bitcoin

Fed Chairman Jerome Powell delivered his highly anticipated speech in Jackson Hole, Wyoming, and made some rather dovish remarks. 
Powell said he has increased confidence that they will reach the 2% inflation target and that it is time to ease monetary policy, adding that the timing and pace of interest rate cuts will depend on incoming data and the balance of risks. 
Related News: <a href="https://en.bitcoinsistemi.com/fed-chairman-jerome-powell-speaks-in-jackson-hole-here-are-the-highlights-and-bitcoins-reaction/" target="_blank" rel="dofollow">FED Chairman Jerome Powell Speaks in Jackson Hole! Here Are the Highlights and Bitcoin's Reaction!</a> 
While Powell was making positive statements, Bitcoin prices rose and exceeded $62,000. However, currently BTC has pulled back somewhat and is trading at $61,500. 
Bitcoin rose during Powell's speech, while the Dollar Index (DXY) fell below 101 for the first time since December. 
<img decoding="async" class="alignnone wp-image-151927" src="https://www.bitcoinsistemi.com/wp-content/uploads/2024/08/Ekran-goruntusu-2024-08-23-173645.png" alt="" width="549" height="619"> 
<h2 id="what-happened">What Happened?</h2> 
After years of near-zero interest rates, the Fed began a long period of rate hikes in early 2022, raising interest rates to 5.25%-5.50% in 2023. 
For over a year, the Fed has kept interest rates steady in this range, waiting for greater confidence that inflation would reach its 2% target before starting to cut rates. 
Powell said that now is the time to ease monetary policy, with increased confidence that the 2% target will be achieved. 
The next question will be by how much the Fed will cut interest rates at its September meeting. 
As markets continue to trend toward 25 basis points, the probability of a 50 basis point cut is priced in at 32.5%, while a 25 basis point cut is priced in at 67.5%, according to CME FedWatch. 
<img decoding="async" class="alignnone wp-image-151928" src="https://www.bitcoinsistemi.com/wp-content/uploads/2024/08/Ekran-goruntusu-2024-08-23-173948.png" alt="" width="627" height="400"> 
*This is not investment advice. 
 Continue Reading: <a href="https://en.bitcoinsistemi.com/powell-speaks-bitcoin-btc-rises-dxy-crashed-heres-the-latest-situation/">Powell Speaks: Bitcoin (BTC) Rises, DXY Crashed! Here's the Latest Situation!</a>

Powell Speaks: Bitcoin (BTC) Rises, DXY Crashed! Here's the Latest Situation!

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