Cryptocurrencies Ethereum (ETH) and XRP experienced a significant price surge of over 7% within minutes following comments from Federal Reserve Chair Jerome Powell, who suggested that the central bank may soon cut interest rates due to evolving economic risks. 🤯 This dovish pivot has sparked optimism in the crypto market, with ETH currently trading near its all-time high and XRP reclaiming the $3 level.
Experts believe this surge aligns with growing DeFi applications and increased institutional interest in both tokens. Meanwhile, Bitcoin continues to underperform, but managed to reclaim the $115,000 mark. 🚀
As a result of Powell’s statement, the odds of a September rate cut have surged, reaching over 80% on Polymarket. This newfound confidence has been echoed by industry experts who believe this signals positive prospects for major cryptocurrencies and smaller ones alike.
Read more about this event in the UToday article linked here: [link to original article]