Cryptocurrency Prices on August 23: Bitcoin trades above $61,200 ahead of Fed Chair Jerome Powell's speech in Jackson Hole
Federal Reserve Chair Jerome Powell's speech at the Jackson Hole Economic Symposium later in the day.
On Thursday, three Fed officials hinted at a potential rate cut in September, expressing support for a «slow and methodical» approach to policy changes. Powell’s speech, scheduled for 7:30 PM IST, is highly anticipated by traders looking for positive signals regarding interest rate cuts.
As of 2:43 PM IST, Bitcoin (BTC) had risen 0.55% over the past 24 hours, trading at $61,254. Ethereum (ETH) also gained 1.5%, trading at $2,671.
«Traders are anticipating positive signals from the US Fed regarding interest rate cuts in their keynote later today. A September timeframe for the rate cut will boost all financial markets, including crypto,» said Vikram Subburaj, CEO of Giottus.
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View Details»Edul Patel, CEO of Mudrex, added, «Bitcoin remains above the $60,000 mark, driven by several factors: the Federal Reserve's indication of potential rate cuts in September, Kamala Harris's signals towards a more crypto-friendly approach, and increasing inflows into spot
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