The crypto market experienced significant changes following Fed Chair Jerome Powell's speech at the Jackson Hole forum. His hints at potential interest rate cuts sparked a rally for Bitcoin and Ethereum.
Major Turnaround in the Crypto Market
Following Jerome Powell's speech, the cryptocurrency market witnessed a sharp increase. Bitcoin broke past the $117,000 mark, with its total market cap rising over 4%. Nearly $770 million worth of long and short positions were liquidated in the last 24 hours.
Ethereum vs. Bitcoin
Ethereum also showed impressive performance, soaring nearly 15% to reach a new record near $4,900. Data revealed that more than $476 million of short positions were liquidated in the last 24 hours. While Ethereum has gained 42% year-to-date, Bitcoin has only increased by 24% during the same timeframe.
ETF Fund Data
Bitcoin-linked ETFs faced outflows, while Ethereum ETFs reported an inflow of $337 million. This indicates that investors have shifted focus toward accumulating Ethereum. Jerome Powell's remarks have also fueled positive market sentiment.
Jerome Powell's address significantly affected the crypto market, driving prices for Bitcoin and Ethereum upward. Potential changes in Fed interest rates could support further growth of crypto assets into the year-end.
