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Bitcoin rises to nearly $65,000, here's what it did

2024-08-24 15:58:43Kosova&Bota SHKRUAR NGA REDAKSIA VOX

Bitcoin rises to nearly $65,000, here's what it did

The price of Bitcoin climbed to nearly $65,000 after US Federal Reserve Chairman Jerome Powell signaled an interest rate cut at the central bank's upcoming meeting in September.

The price of Bitcoin climbed as high as $64,845 on Friday, following Powell's much-anticipated speech at the annual Jackson Hole Symposium in the US state of Wyoming.

The world's largest cryptocurrency was trading around $64,653 at 6.30pm on Friday for a daily gain of 6.8%.

Ethereum traded at $2,788 for a daily gain of 6.2%.

The cryptocurrency's market cap stood at $2.27 trillion, up 5.79% on the day, according to CoinMarketCap, a digital asset price tracking website.

Fed Chairman Powell said his confidence has increased that inflation is on a steady path back to 2%, saying "the time has come" for an adjustment in monetary policy.

"The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook and the balance of risks," he told the annual Jackson Hole symposium.

Cryptocurrencies saw a major decline in early August when recession fears sent global markets into a free fall, as Bitcoin fell to $49,551 on August 5.


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