Jerome Powell's Jackson Hole Speech
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Bitcoin’s price stalled at around $117,000 on Saturday, Aug 23, with intraday gains capped at just 3%. By contrast, Ethereum (ETH) surged more than 10% to reach a fresh all-time high of $4,900. This move followed dovish comments from Federal Reserve Chair Jerome Powell at the Jackson Hole symposium,
Bitcoin rose more than 2% on Friday after Federal Reserve Chair Jerome Powell signaled it may be time to cut interest rates amid mounting concerns about the labor market during his speech at the central bank’s Jackson Hole symposium.
Crypto traders had been preparing in recent days for a more-hawkish tone from Fed Chair Jerome Powell's highly anticipated speech in Jackson Hole.