Reserve Dollar

Cryptocurrency

Rally

Impact

Reserve

<ul>
  
 <li>&nbsp;Powell’s speech hinted at upcoming rate cuts, leading to a surge in crypto prices.&nbsp;</li>   
 <li>&nbsp;BTC saw a notable rise after Powell’s hint at possible interest velocity reductions.</li>   
 <li>&nbsp;The likely rate cuts may further boost the digital asset sector in the coming weeks.</li> 
</ul>   
<p>Federal Reserve Chair Jerome Powell’s speech on August 23, 2024, has already been directed&nbsp; at upcoming interest rate cuts among investors and traders. This announcement led to a rapid rally in currency exchanges. He said, "The time has come for policy to adjust," signalling the <a href="https://cryptonewsland.com/australias-federal-court-enforces-asic-rules-against-bit-trade/">Federal </a>Reserve's plan to lower interest rates. The financial markets reacted immediately, especially in the virtual currency and stock industries.</p>   
<h2 class="wp-block-heading" id="h-cryptocurrency-market-reaction">Cryptocurrency Market Reaction</h2>   
<p>After Powell’s speech, the crypto market saw a strong increase.&nbsp; BTC rose by over 2%, while Ethereum&nbsp; gained 3%. SOL and Dogecoin&nbsp; also grew by 1.5% and 5%, respectively. The overall exchange rate went up by 0.61% within hours of the announcement. Investors now expect a 50 basis notes rate cut in September. However, a smaller 25 basis points cut is still possible depending on upcoming data.</p>   
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<p>In addition to discussing rate cuts, he highlighted concerns about the labour industry. He stated that it poses a bigger threat to the financial system than inflation. Powell emphasised that, while inflation is important, the labour market’s issues require urgent attention. He assured that the Federal Reserve is committed to supporting a strong job market. This goal aligns with their broader aim of maintaining <a href="https://cryptonewsland.com/blockdag-presale-surges-to-67-7m-after-team-video-goes-viral-arb-staking-aave-price-news-inside/" target="_blank" rel="noreferrer noopener">price </a>stability. The state of the labour exchange will play a key role in the Fed’s future decisions.</p>   
<h2 class="wp-block-heading" id="h-impact-on-cryptocurrency">Impact on Cryptocurrency</h2>   
<p>The possibility of rate cuts and a weakening dollar is expected to stimulate the digital currency economy further. Analysts like David Brickell of FRNT Financial believe Bitcoin could reach new record highs. The evolving economic conditions may drive Bitcoin to levels not seen before. BTC is already at a critical level. If it closes above $62,200, it could rise to $68,000 or even $71,000 soon.</p>   
<p>&nbsp;This potential increase would signal a major&nbsp; boost in the crypto market, showing the market’s strong response to Powell’s words.</p> 
<p>The post <a href="https://cryptonewsland.com/powells-signal-for-rate-cuts-ignites-major-cryptocurrency-market-rally/">Powell’s Signal for Rate Cuts Ignites Major Cryptocurrency Market Rally</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Powell’s Signal for Rate Cuts Ignites Major Cryptocurrency Market Rally

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