Bitcoin Breaks Record Highs After Interest Rate Cut Hints

Bitcoin (BTC) surged past the $117,000 mark on Friday after Federal Reserve Chair Jerome Powell hinted at an upcoming interest rate cut during his speech in Jackson Hole. This jump led to a significant liquidation of bearish bets, with over $379.88 million wiped out from short positions. Analysts believe this signals a bullish resurgence for Bitcoin, predicting potential price jumps to $200,000 before the end of 2023.