The assertion made by Federal Reserve Chairman Jerome Powell on Thursday despatched shock waves by means of the cryptocurrency market. In his speech, Chairman Powell hinted at a lower in rates of interest in September. At any time when the Fed pronounces or hints at a lower in rates of interest, the cryptocurrency and inventory markets all the time react favorably as a result of buyers are all the time blissful when rates of interest are lower, because it creates room for financial progress.
When rates of interest are lower, it inevitably results in a weaker greenback, so buyers search for protected havens and crypto property are one of many protected havens they use. It’s no marvel that the crypto market is reacting so sharply.
The cryptocurrency market has risen by greater than 5% previously 24 hours to surpass $2.22 trillion, with Bitcoin and different cryptocurrencies following swimsuit.
Bitcoin hit a document excessive of $64,853 yesterday and is settling round $64,000 on the time of writing. This represents a 5% rise in Bitcoin over the previous 24 hours, and over 6% towards the US Greenback over the previous week.
Ethereum additionally responded sharply, climbing above $2,700, up greater than 2.8% previously 24 hours and greater than 6% previously week.
Different cash had been no exception: among the many prime 10 cryptocurrencies, Dogecoin was the most important gainer, recording a rise of over 7%, with many tokens additionally surging greater.
Simply in the future earlier than this information, common crypto analyst Quinten Francois posted on X about Bitcoin’s bull market cycle, stating that historic charts present there are nonetheless two months till the bull market begins.
The common cycle begins after 170 days. #Bitcoin Lower in half
It's presently day 121. pic.twitter.com/4hDiLi4jF7
— Quinten | 048.eth (@QuintenFrancois) August 20, 2024
He emphasised that the typical bull cycle begins after 170 days, and we’re presently 121 days from the April halving. Quintain believes this 12 months's crypto cycle will quickly start and that the US election may have a significant influence on the worth of Bitcoin and different cryptocurrencies.
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