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The cryptocurrency market experienced a boost in risk appetite following comments from Jerome Powell, Chair of the U.S. Federal Reserve. Bitcoin surged above $62,000, while Ethereum approached $2,700.
The announcement by Powell led to a notable upswing in the crypto markets. He hinted that it might be time to adjust monetary policy, delivering dovish signals.
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Powell indicated that the timing and pace of interest rate cuts will depend on forthcoming data, and he noted a reduction in inflationary risks.
Powell’s comments sparked increased enthusiasm for riskier assets. Bitcoin, which started the day around $60,300, peaked at $62,320 during Powell’s speech. Ethereum tested the $2,700 mark.
As of 5:24 PM, Bitcoin had risen by 2.30% to approximately $61,861, while Ethereum was up 2.2%, trading at $2,680.