Bitcoin Soars Past $116K as Fed Hints at Rate Cut

Bitcoin saw an impressive surge to over $116,000 on Friday following comments from Federal Reserve Chair Jerome Powell hinting at potential interest rate cuts. This rise followed Powell’s speech at the annual Jackson Hole economic symposium, where he alluded to the possibility of adjusting the Fed’s monetary policy stance in response to current inflation and labor market conditions. Market reactions were immediate, with crypto assets and risk-correlated assets taking flight while the US dollar weakened.